U.S. spot Ethereum ETFs had a positive day of inflows following a massive market crash that sent the asset tumbling 23% in less than 24 hours.

On August 5, the aggregate inflow for the nine newly launched spot ETH ETFs was $49 million, its second-highest inflow day since the funds started trading.

Additionally, it is only the fourth day of inflows in the past ten days of trading, suggesting that institutional investors were indeed buying the Ethereum dip.

Moreover, the notion was confirmed by ETF specialist James Seyffart in a post on X on August 6.

“ETF investors, in aggregate, likely bought the dip on Ethereum today.”

Ethereum Dip Buyers

BlackRock’s ETHA fund led the pack with an inflow of $47.1 million, bringing the total flow of funds to the product to $760 million. VanEck’s ETHV fund had an inflow of $16.6 million closely followed by Fidelity’s FETH with $16.1 million.

The Bitwise ETHW fund had $7.2 million, while $7.6 million flowed into Grayscales Ethereum Mini Trust (ETH). The main Grayscale ETHE fund saw an outflow of $46.8 million, its lowest so far since it was converted to a spot ETF.

However, there was not the same dip buying for Bitcoin funds which had an outflow of $168.4 million on Monday, according to preliminary data from Farside Investors.

Fidelity, Ark 21Shares, and Grayscale all saw outflows of between $58 to $70 million, while BlackRock and four of the others registered zero flows.

Grayscale’s Mini Bitcoin Trust saw a minor inflow of $21.8 million and there was around $3 million each for Bitwise (BITB) and VanEck (HODL).

Bitwise CIO Matt Hougan commented on the dip buying on both of their funds, but it was primarily ETH that investors were interested in.

ETH Price Outlook

Ethereum markets were hammered yesterday with the asset tanking to its lowest price in 2024 at $2,171 on August 5. It was the steepest and fastest decline in ETH prices since May 2022, with the asset dumping 34% in less than a week.

However, markets have shown signs of recovery during the Tuesday morning Asian trading session with ETH reclaiming $2,500.

For the uptrend to continue, it needs to reach and break resistance at $2,900, though this could take some time, especially if Bitcoin is slow to recover.

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