by Ethereum’s Strong Performance Amid Positive ETF Inflows
Ethereum (ETH) has experienced a notable surge of 4%, outperforming the CoinDesk 20 (CD20) index. This increase comes as inflows into Ethereum exchange-traded funds (ETFs) show a positive trend, alongside growth in several major decentralized exchanges (DEXs).
Daily Net Inflows into ETH ETFs
According to data from SoSoValue, the daily net inflow into U.S.-listed spot ether ETFs reached $4.93 million on Monday. Notably, Grayscale’s two funds did not report any inflows. In contrast, Fidelity’s FETH led with a substantial inflow of $3.98 million, followed by Franklin Templeton’s EZET at $1 million, and Bitwise’s ETHW, which garnered $2.86 million. VanEck’s ETHV was the only fund to see outflows, totaling $2.92 million.
Bitcoin ETF Performance
On the broader cryptocurrency front, bitcoin (BTC) ETFs collectively posted a daily inflow of $27.87 million. Grayscale’s GBTC suffered an outflow of $11.7 million, while Bitwise’s BITB recorded a significant outflow of $17 million. As of the East Asia business day, BTC was trading above $59,200, marking a 1.25% increase.
Rising DEX Tokens Fuel ETH’s Outperformance
The robust performance of various DEX tokens has further contributed to ETH’s success, as it outpaces BTC during Tuesday’s trading session. Market data reveals that Uniswap’s UNI surged by 3.8%, DYDX climbed by 5.5%, and Gnosis’s GNO increased by 5.3%.
Ethereum Fees Surge in August
Data sourced from DeFi Llama indicates that Ethereum fees have reached $40.46 million for the first half of August. Meanwhile, Uniswap’s fees accounted for $23.64 million during the same period, positioning it to surpass July’s total fees of $47.4 million and potentially challenge June’s remarkable $54 million.
Canto’s Unexpected Gains
In an interesting turn of events, one of the largest token gains has been observed in Canto, which spiked by 41%, according to CoinGecko data. However, the blockchain has faced operational challenges, as data from block explorer Cantoscan shows that the last transaction was processed 16 hours ago. While the team promised a fix by Monday, it appears the issue remains unresolved.
Conclusion: A Promising Outlook for Ethereum
Overall, the recent developments in Ethereum’s ETF inflows and the rising DEX tokens highlight a promising outlook for ETH. Whether you are a seasoned investor or new to the crypto space, staying informed about these trends is crucial. For more insights on other cryptocurrencies like XRP, be sure to explore our dedicated sections.
For real-time data on Bitcoin and other cryptocurrencies, visit CoinMarketCap.
