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Spot Ether exchange-traded funds (ETFs) in the United States posted net inflows of about $48.73 million on Aug. 5, as the crypto market witnessed its largest three-day sell-off in a year.

Ether tumbled to as much as 20% on Aug. 5, its biggest one-day decline since May 2021, as market maker Jump Trading shifted $315 million worth of ETH to various exchanges in preparation for potential sales.

Data from SoSoValue shows, however, that investors capitalized on waning Ether prices, with ETH ETFs trading at approximately $715.61 million, posting net inflows after shedding $54.27 million on Aug. 2.

Asset manager Blackrock’s iShares Ethereum Trust ETF (ETHA) led the pack, with $47.09 million in net inflow, followed by the VanEck Ethereum ETF (ETHV) and Fidelity Ethereum Fund (FETH), which both recorded over $16 million.

The Bitwise Ethereum Fund (ETHW) and Grayscale’s Ethereum Mini Trust also notched inflows at $7 million each, while the Franklin Ethereum ETF posted nearly $1 million in positive flow.

Grayscale’s Ethereum Trust Fund was the only product with outflows at $46.84 million, whereas the Invesco Galaxy Ethereum ETF and 21Shares Core Ethereum ETF saw no flow activity on the day.

Since their July debut, the nine Ether funds have registered net outflows of $461.98 million, according to SoSoValue data. In comparison, Bitcoin ETFs have witnessed $17.34 billion in net inflows since they started trading seven months ago.

Read more: Bitcoin, Ether ETFs see outflows as BTC, ETH price tumbles

Sudden crypto market downturn

The “buy the dip” opportunity came as the broader crypto market shed at least $500 billion from the total market capitalization on Aug. 5 amid stagnating equities and weak US employment data, among other macroeconomic indicators and geopolitical tensions.

Similar to other major cryptocurrencies, Ether, the second-largest cryptocurrency by market capitalization has since recovered some ground, exchanging hands at $2,452.31 on Aug. 6 at 1:11 p.m. UAE time after hovering above $2,100, per CoinGecko data.

Read more: Digital assets bleed $528M amid market liquidations — CoinShares