Ether (ETH) Beats CD20 as ETH ETFs Post Positive Inflows, DEX Tokens Rise

Many of the largest decentralized exchanges (DEX) tokens posted gains on Tuesday. Ether (ETH) is up 4%, beating the CoinDesk 20 (CD20) index

Ether price rose further on Tuesday, outperforming bitcoin as several tokens of the largest decentralized exchanges (DEXs) showed signs of growth.

The second-largest cryptocurrency was trading above $58,000 at press time, adding 4% over the past 24 hours, according to CoinDesk. Ether outperformed the CoinDesk 20 (CD20) index, which was up 2.7% during the same period.

Data from SoSoValue showed a daily net inflow of $4.93 million into U.S.-listed spot ether exchange-traded funds (ETFs) on Monday.

Grayscale’s two ether funds saw no flows, according to the data. Fidelity’s FETH ETF saw the largest inflow of $3.98 million, followed by Franklin Templeton’s EZET ETF with $1 million and Bitwise’s ETHW ETF with $2.86 million in positive flow.

Only VanEck’s ETHV ETF saw an outflow of $2.92 million.

Meanwhile, bitcoin ETFs saw a collective daily inflow of $27.87 million.

Of the lot, Grayscale’s GBTC fund had an outflow of $11.7 million, while Bitwise’s BITB fund had an outflow of $17 million.

CoinDesk data showed bitcoin was trading above $59,200 during the East Asia business day, up 1.25%.

Several tokens of the largest DEXs rose, helping ether outstrip bitcoin during Tuesday trading day. Uniswap’s UNI token rose 3.8%, DYDX was up 5.5% and Gnosis’s GNO token rose 5.3%.

Data from DeFi Llama showed that Ethereum fees hit $40.46 million for the first half of August, while Uniswap fees hit $23.64 million for the same period.

The DEX is on track to beat July’s $47.4 million in fees and, possibly, challenge June’s $54 million in total fees.

Among the biggest gainers in the token space was Canto, which rose 41% over the past 24 hours, according to CoinGecko data.

The blockchain remained 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 it doesn’t appear to have been implemented.

(Disclosure: Block, Genesis Digital Assets, Grayscale, and Chainlink are among the CoinDesk’s parent company Digital Currency Group’s (DCG) several common shareholders. Grayscale, Genesis and Block are also clients of⇝ CoinDesk.)