The newly launched spot Ethereum Exchange Traded Funds (ETFs) in the United States recorded a net outflow of $98.29 million yesterday stretching its bleeding streak to four days now.
The nine-spot Ethereum ETFs which were launched for trading on July 23 have witnessed a negative flow streak for four days in a row led by the massive outflows recorded in one of the nine products.
According to Data from Farside Investors UK, the Nine Ethereum ETFs recorded a net outflow of $98.3 million.
Grayscale Ethereum Trust (ETHE) was the only ETF to witness an outflow with a staggering $210 million leaving the fund. This ETF is responsible for the four-day outflow streak by the nine Ethereum ETFs due to the millions in funds that have outflowed from it since the day of launch.
Aside from the outflow from Grayscale’s ETHE, some of the other ETFs recorded inflows although it wasn’t enough the offset the deficit of the collective ETFs.
Blackrock’s ETHA leads the pack recording an inflow of $58.2 million. Second place went to Fidelity’s FETH which recorded an inflow of $24.8 million, Then VanEck ETHV’s $10.91 million, and Bitwise ETHW’s $10.45 million in net inflows.
Grayscale Ethereum Mini Trust recorded $4.9 million in net inflows, while Franklin’s EZET recorded $2.52 million.
The remaining two ETFs which include Invesco Galaxy and 21 shares ETF had no activity for the day.
According to Data from Soso Value the total trading volume for the nine spot ether ETFs yesterday was $773.01 million compared to $933.86 million on Friday and $955.85 million on Thursday.
Meanwhile, the 11 spot bitcoin ETFs outperformed their Ethereum counterpart pulling in $124.13 in net inflows yesterday.
Farside UK data showed that Blackrock’s IBIT led the way with a net inflow of $205.6 million, the only ETF to record inflows for the day.
Grayscale’s BTC saw an outflow of $54.29 million followed by Bitwise BITB which recorded a net outflow of $21.3 million. Finally, Fidelity FBTC recorded an outflow of $5.89 million while other ETFs recorded no activity.
How is Ethereum faring at the moment?
Ethereum at the time of report is currently exchanging hands for $3, 336. The asset dropped by 1.3% in the last 24 hours with a maximum price of $3,387 and a minimum price of $3,265.
Ethereum is currently 31.6% down from its all-time high of $4,878 in November 2021.
What to Know
- The Ethereum ETFs were launched for trading on July 23 ending an 8-month approval process between the potential Ethereum ETF issuers and the United States SEC.
- Despite its outflow streak, analysts like James Seyffart have noted that the Ethereum ETFs slightly outperformed his expectations.
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