Ethereum Outperforms CD20: Positive ETF Inflows, DEX Tokens Rise
Date: 2024-08-13 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Ethereum (ETH) significantly outperformed Bitcoin and the CoinDesk 20 Index (CD20) on Tuesday, as Ethereum ETF inflows reversed from outflows to inflows. In addition, many of the largest decentralized exchange (DEX) tokens also showed positive dynamics, which was reflected in increased fees.
US spot Ethereum ETFs saw a net daily inflow of $4.93 million on Monday, according to SoSoValue. Among them, the Fidelity fund (FETH) showed the largest gain of $3.98 million, the Franklin Templeton ETF (EZET) attracted $1 million, and Bitwise (ETHW) - $2.86 million. The only exception was the VanEck ETF (ETHV), which showed an outflow of $2.92 million.
At the same time, Bitcoin ETFs recorded a combined inflow of $27.87 million. However, large funds such as Grayscale GBTC and Bitwise BITB showed outflows of $11.7 million and $17 million, respectively. Bitcoin (BTC) was trading above the $59,200 mark at the time, up 1.25% during the East Asian trading day.
The tokens of the largest decentralized exchanges also showed gains, helping ETH outperform BTC. According to market data, Uniswap (UNI) is up 3.8%, DYDX is up 5.5%, and Gnosis (GNO) is up 5.3%.
According to DeFi Llama, Ethereum fees reached $40.46 million in the first half of August, while Uniswap saw $23.64 million in the same period. These figures point to the possibility of surpassing July’s $47.4 million in fees and possibly approaching June’s record of $54 million in fees.
Among the tokens that showed the biggest gains on the day, Canto stands out, up 41% according to CoinGecko. However, despite the gains, the Canto blockchain has been hit by technical issues: according to block explorer Cantoscan, the last transaction was processed 16 hours ago. The project team previously promised a fix for the issue on Monday, but it has not yet been implemented.
