Ether surpassed bitcoin and the CD20 index during Tuesday's trading session in Asia, showcasing its dominance as inflows into Ethereum exchange-traded funds (ETFs) experienced a reversal
This surge in ETH ETFs, coupled with positive trends in fee generation from major decentralized exchanges (DEXs), contributed to the upward trajectory of many DEX tokens.
With a 4% increase, Ether (ETH) outshone the CoinDesk 20 (CD20) index, signifying the growing interest in Ethereum ETFs and the flourishing DEX landscape. Notably, SoSoValue's data revealed that U.S.-listed spot ether ETFs witnessed a net inflow of $4.93 million on Monday. While Grayscale's funds remained stagnant, Fidelity's FETH experienced an inflow of $3.98 million, Franklin Templeton's EZET saw $1 million in inflow, and Bitwise's ETHW clocked in at $2.86 million in positive flow. VanEck's ETHV, however, faced an outflow of $2.92 million.
Simultaneously, bitcoin ETFs garnered a collective daily inflow of $27.87 million. Among them, Grayscale's GBTC experienced an outflow of $11.7 million, while Bitwise's BITB faced an outflow of $17 million.
During the East Asia business day, bitcoin (BTC) traded above $59,200, marking a 1.25% increase. Nevertheless, Ether's performance outshone BTC due to the significant surge in several prominent DEX tokens. Market data indicated that Uniswap's UNI rose by 3.8%, DYDX increased by 5.5%, and Gnosis's GNO showed a 5.3% uptick.
Furthermore, data from DeFi Llama highlighted that Ethereum fees reached $40.46 million in the first half of August, with Uniswap fees amounting to $23.64 million during the same period. These figures indicate a potential surpassing of July's $47.4 million in fees and even pose a challenge to June's total fees of $54 million.
As the trading day came to a close, one of the most notable token gains was observed in Canto, soaring by an impressive 41% according to CoinGecko data. However, it is worth noting that the blockchain encountered a setback, with Cantoscan's block explorer data showing the absence of any transactions being processed for the past 16 hours. Despite a promised fix from the team on Monday, as previously reported by CoinDesk, it seems that implementation has yet to occur.