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Ether Beats CD20 as ETH ETFs Post Positive Inflows, DEX Tokens Rise
Many of the largest decentralized exchanges (DEX) tokens posted gains on Tuesday.
Updated Aug 13, 2024, 6:47 a.m. Published Aug 13, 2024, 6:47 a.m.
- Ether pulled ahead of bitcoin and the CD20 during the Tuesday trading day in Asia as ETH ETFs reversed their outflow trends.
- Many DEX tokens were also up as some of the largest protocols showed positive trends in fee generation.
Ether is up 4%, beating the CoinDesk 20 (CD20) index as inflow into the Ethereum exchange-traded funds (ETFs) picks up and the many of the largest decentralized exchanges (DEXs) show signs of growth.
Data from SoSoValue shows that daily net inflow into the U.S.-listed spot ether ETFs his $4.93 million Monday, with Grayscale's two funds posting no flows, while Fidelity's FETH hit $3.98 million in inflow, Franklin Templeton's EZET posting $1 million in inflow, and Bitwise's ETHW clocking $2.86 million in positive flow.
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VanEck's ETHV was the only one that posted outflow at $2.92 million.
Meanwhile, bitcoin ETFs posted a collective daily inflow of $27.87 million. Of the lot, Grayscale's GBTC had an outflow of $11.7 million, while Bitwise's BITB had an outflow of $17 million.
CoinDesk data shows that bitcoin was trading above $59,200 during the East Asia business day, up 1.25%.
Many of the largest DEX tokens are up, helping ETH outperform BTC during Tuesday trading day. Market data shows that Uniswap's UNI is up 3.8%, DYDX is up 5.5% and Gnosis's GNO is 5.3%.
Data from DeFi Llama shows that Ethereum fees hit $40.46 million for the first half of August, while Uniswap fees hit $23.64 million for the same period, putting it on track to beat July's $47.4 million in fees, and possibly challenge June's $54 million in total fees.
Rounding out the trading day, one of the largest gains in tokens is Canto, up 41% according to CoinGecko data. The blockchain remains stuck, with data from block explorer Cantoscan showing that the last transaction was processed 16 hours ago. A fix was promised by the team for Monday, CoinDesk previously reported, but doesn't appear to have been implemented.
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