Ethereum Experiences Positive Momentum Amid ETF Inflows and DEX Growth

Ethereum Sees Positive Momentum Amidst ETF Inflows

Ether (ETH) has experienced a notable increase of 4%, outperforming the CoinDesk 20 (CD20) index. This surge can be attributed to a significant uptick in inflows into Ethereum exchange-traded funds (ETFs), alongside promising growth indicators from several major decentralized exchanges (DEXs).

According to data sourced from SoSoValue, the daily net inflow into U.S.-listed spot ether ETFs reached an impressive $4.93 million on Monday. Among these funds, Fidelity’s FETH saw a remarkable inflow of $3.98 million, while Franklin Templeton’s EZET and Bitwise’s ETHW recorded inflows of $1 million and $2.86 million, respectively. Conversely, Grayscale’s two funds remained stagnant with no inflows, and VanEck’s ETHV was the sole fund to report an outflow, totaling $2.92 million.

In contrast, bitcoin ETFs have demonstrated a collective daily inflow of $27.87 million. Notably, Grayscale’s GBTC faced an outflow of $11.7 million, while Bitwise’s BITB reported a more significant outflow of $17 million. On another note, CoinDesk data indicates that bitcoin (BTC) was trading at over $59,200 during the East Asia business hours, marking an increase of 1.25%.

During Tuesday’s trading session, many of the prominent DEX tokens have shown positive performance, contributing to ETH’s ability to outperform BTC. Market insights reveal that Uniswap’s UNI has appreciated by 3.8%, DYDX has increased by 5.5%, and Gnosis’s GNO has climbed by 5.3%.

Furthermore, data from DeFi Llama highlights that Ethereum fees totaled an astounding $40.46 million for the first half of August. In comparison, Uniswap fees reached $23.64 million for the same duration, positioning it well to surpass July’s record of $47.4 million in fees, and potentially challenge June’s high of $54 million in overall fees.

As the trading day concludes, one of the most remarkable gains in the token market is attributed to Canto, which has skyrocketed by 41%, according to data from CoinGecko. However, the blockchain itself remains in a state of stagnation, with the block explorer Cantoscan indicating that the last transaction was processed over 16 hours ago. Despite promises from the development team for a fix by Monday, as previously reported by CoinDesk, it appears that the issue has yet to be resolved.