Ethereum (ETH) rose 4% as inflows into Ethereum exchange-traded funds (ETFs) increased and decentralized exchange (DEX) tokens posted notable gains.
Ethereum and DEX Tokens Rise as ETH ETFs See Positive Inflows
Data from SoSoValue reveals that US-listed spot Ethereum ETFs experienced net inflows of $4.93 million on Monday.
Notable contributors to this positive trend included Fidelity’s FETH, which saw $3.98 million in inflows, Franklin Templeton’s EZET with $1 million, and Bitwise’s ETHW with $2.86 million. In contrast, Grayscale’s two funds reported no inflows at all, and VanEck’s ETHV saw an outflow of $2.92 million.
In comparison, Bitcoin ETFs collectively saw daily inflows of $27.87 million, but individual performances varied.
Grayscale’s GBTC saw an outflow of $11.7 million, while Bitwise’s BITB faced an outflow of $17 million. Bitcoin (BTC) was trading above $59,200 on the East Asia business day, up 1.25%.
The surge in ETH was further supported by gains in several major DEX tokens, with Uniswap’s UNI up 3.8%, DYDX up 5.5%, and Gnosis’s GNO up 5.3%, all contributing to ETH’s outperformance relative to BTC on Tuesday.
In the broader DeFi ecosystem, Ethereum fees totaled $40.46 million for the first half of August, while Uniswap took in $23.64 million in fees. Uniswap is on track to surpass July’s $47.4 million in fees and potentially challenge June’s record of $54 million.
*This is not investment advice.