After the recent crypto market price downturn, investors jumped in on the Ethereum spot exchange-traded funds (ETFs) en masse.

Ethereum (ETH) ETFs saw nearly 40,700 ETH worth of inflows on Aug. 6, according to CoinGlass data. That’s more ETH than the funds took in on their first day, when the newly minted ETFs saw an inflow of just over 31,000 ETH.

Still, in U.S. dollar terms, the first day of trading, July 23, keeps its record with the inflows being worth over $106 million, whereas yesterday, these assets gained $98.4 million. That’s because ETH is now trading for almost $1,000 less than it was on the day the funds started trading on U.S.

That means Tuesday, August 6 was the funds’ second-highest inflow day in US dollar terms. At the time of writing, the Ethereum price has climbed 1.6% to $2,498.50. But it’s still trading 25% lower than it was this time last week, according to CoinGecko data.

Furthermore, this week saw the first day of significant inflows reported by the Ethereum ETFs, excluding the day of their launch. Only on three days—excluding launch day and Aug. 6—were the flows positive, with the most significant being 18,157 ETH on Aug. 5—worth nearly $49 million.

Pav Hundal, lead market analyst at crypto exchange Swyftx, told Decrypt yesterday that “ETFs are going to become an increasingly important bellwether for the health of the crypto market.” he concluded that “ETF investors with long-term strategies calmly buying Ethereum.”

This data further cements the idea that institutional investors are “buying the dip,” as institutional brokerage outfit FalconX recently suggested. “We saw pretty much all investor personas as net buyers today,” the firm observed.

CoinMarketCap’s global charts also show that the crypto market’s total market cap went from $1.95 trillion to $2.02 trillion within the last 24 hours. This data translates to a capital injection of $70 billion.

CoinGlass liquidation data also shows that over the last 24 hours, the crypto market has seen over $150 million worth of liquidations. Of those, $84 million were short positions, and $66.4 million were long positions.

Edited by Stacy Elliott.

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