Ether surpasses cd20 amid surge in etf inflows; dex tokens rally

Ether Surpasses CD20 Amid Surge in ETF Inflows; DEX Tokens Rally

Last Updated: August 14, 2024By

Ether (ETH) has ascended by 4%, outpacing the CoinDesk 20 (CD20) index as inflows into Ethereum exchange-traded funds (ETFs) gain momentum. Concurrently, several prominent decentralized exchanges (DEXs) are exhibiting robust growth.

According to data from SoSoValue, the daily net inflow into U.S.-listed spot ether ETFs reached an impressive $4.93 million on Monday. Fidelity’s FETH led with a substantial $3.98 million inflow, while Franklin Templeton’s EZET saw $1 million, and Bitwise’s ETHW reported $2.86 million. Grayscale’s funds, however, recorded no flows.

On the other hand, bitcoin ETFs collectively reported a daily inflow of $27.87 million. However, Grayscale’s GBTC experienced an outflow of $11.7 million, while Bitwise’s BITB saw a more significant outflow of $17 million. Data from CoinDesk reveals that bitcoin (BTC) was trading above $59,200 during East Asia’s business day, marking a 1.25% increase.

Several leading DEX tokens have shown notable gains, contributing to ETH’s outperformance over BTC during Tuesday’s trading session. Market data indicates that Uniswap’s UNI rose by 3.8%, DYDX surged by 5.5%, and Gnosis’s GNO climbed 5.3%.

Data from DeFi Llama highlights that Ethereum’s fees reached $40.46 million for the first half of August. Uniswap’s fees for the same period hit $23.64 million, positioning it to potentially surpass July’s $47.4 million in fees and possibly challenge June’s $54 million total.

As the trading day concluded, one of the most significant gains was observed in Canto, which soared by 41%, according to CoinGecko data. However, despite this surge, the blockchain remains immobilized, with the last transaction recorded 16 hours ago, as shown by Cantoscan, a block explorer. Although the team promised a resolution by Monday, as previously reported by CoinDesk, the issue remains unresolved.

Stay informed with daily updates from Blockchain Magazine on Google News. Click here to follow us and mark as favorite: [Blockchain Magazine on Google News].

Gif;base64,r0lgodlhaqabaaaaach5baekaaealaaaaaabaaeaaaictaeaow==

Get Blockchain Insights In Inbox

Stay ahead of the curve with expert analysis and market updates.

Disclaimer: Any post shared by a third-party agency are sponsored and Blockchain Magazine has no views on any such posts. The views and opinions expressed in this post are those of the clients and do not necessarily reflect the official policy or position of Blockchain Magazine. The information provided in this post is for informational purposes only and should not be considered as financial, investment, or professional advice. Blockchain Magazine does not endorse or promote any specific products, services, or companies mentioned in this posts. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions.

About the Author: Eunji Lim

Eunji lim