Ether Outperforms as Ethereum ETFs See Inflows and DEX Tokens Rally

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Ethereum (ETH) is making headlines once again, surging by 4% and outperforming the broader CoinDesk 20 (CD20) index. This rally comes amid growing interest in Ethereum exchange-traded funds (ETFs) after a tough period.

Ethereum ETFs Attract Strong Inflows

According to data from SoSoValue, Monday saw a significant net inflow into the U.S.-listed spot ether ETFs, totaling $4.93 million. This inflow reflects increasing institutional interest in Ethereum, which has been gaining traction as a key asset in the digital currency space. Notably, Fidelity’s FETH led the pack with an impressive $3.98 million in inflows.

Other Ethereum ETFs also posted positive numbers, with Franklin Templeton’s EZET attracting $1 million and Bitwise’s ETHW pulling in $2.86 million. However, not all funds experienced gains. VanEck’s ETHV saw an outflow of $2.92 million, marking a rare dip in what has otherwise been a strong period for Ethereum ETFs.

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Bitcoin ETFs Performance

In contrast, Bitcoin ETFs posted a collective daily inflow of $27.87 million, underscoring the continued dominance of Bitcoin in the market. However, some Bitcoin-focused funds, such as Grayscale’s GBTC and Bitwise’s BITB, experienced outflows of $11.7 million and $17 million, respectively. 

DEX Tokens on the Rise

The positive momentum in Ethereum’s price was bolstered by gains across several major DEX tokens. Market data shows that Uniswap’s UNI climbed 3.8%, DYDX surged 5.5%, and Gnosis’s GNO rose by 5.3%. These tokens are integral to the DeFi ecosystem, where Ethereum serves as the primary blockchain.

DeFi Llama data reveals that Ethereum fees reached $40.46 million in the first half of August, while Uniswap fees hit $23.64 million during the same period. This suggests that Ethereum is on track to surpass July’s $47.4 million in fees, with the potential to challenge June’s $54 million in total fees. The consistent fee generation on the Ethereum network underscores the sustained demand for its services, even amid market volatility.

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Adding to the bullish sentiment, an Ether whale who was liquidated for 2,890 wstETH ($8.06 million) during the market crash on August 5 has re-entered the market with a significant purchase. According to a Lookonchain X post, this whale acquired 4,459 ETH, worth $11.8 million since August 11.

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