Ethereum's eight-day streak ends: BitMine recoups with massive buying

The eight-day positive streak in Ethereum spot ETFs ended yesterday with a net outflow of $60 million, despite $338 million coming to BlackRock. While the record inflow of $2.85 billion for the week continues, BitMine's $600 million purchase of ETH and the $14 million outflow from BTC ETFs were noteworthy.

The eight-day positive streak in Ethereum spot ETFs, which have attracted significant investment since the beginning of August, ended yesterday.

A total of $60 million in ETFs outflowed. The $338 million net investment in BlackRock's ETF didn't help matters either. The Grayscale ETF saw $101 million in outflows, and the Fidelity ETF saw $272 million in outflows. Other ETFs also closed the day with losses of over $20 million.

#Ethereum ETFs performed quite well on a weekly basis. Over $1 billion was invested in these funds on the first day of the week, marking the highest investment amount since the ETFs were launched in July 2024. With $2.85 billion invested weekly in Ethereum ETFs, they also broke a record.

While ETFs closed the day with losses, demand for $ETH continued unabated with company acquisitions. BitMine, which is listed on the New York Stock Exchange and is chaired by Tom Lee, purchased $600 million worth of ETH in the last 24 hours. This brings the company's total #ETH reserves to nearly 1.3 million $ETH ($5.8 billion).

Meanwhile, Bitcoin ETFs suffered a $14 million loss, ending a seven-day positive streak. Similar to Ethereum, Bitcoin ETFs closed the week positive with a net investment of $550 million.

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