Ethereum ETFs See $133.16M Net Outflow on Second Day of Trading

  • The United States spot Ethereum (ETH) ETFs observed a net outflow of $133.16 million on their second trading day.
  • Distinct trends were noticed across various ETF products with Grayscale Ethereum Trust witnessing significant outflows.
  • Conversely, Fidelity’s FETH recorded the highest inflows among Ethereum-related ETFs, followed by other notable funds.

U.S. Spot Ethereum ETFs Experience Diverse Flows on Second Trading Day

Grayscale Ethereum Trust Faces Major Outflows

According to data procured from SosoValue, the Grayscale Ethereum Trust (ETHE) endured a substantial net outflow amounting to $326.86 million. This made it the singular Ethereum fund to record such significant withdrawals among its peers.

Fidelity’s FETH Leads with Substantial Inflows

In contrast, Fidelity’s FETH emerged as the top performer, attracting a noteworthy $74.46 million in net inflows. Following Fidelity, the Grayscale Ethereum Mini Trust garnered $45.93 million, Bitwise ETHW managed $29.64 million, and VanEck ETHV accumulated $19.84 million in net inflows. BlackRock’s ETHA, while initially strong with $266.55 million on Tuesday, saw a more modest $17.44 million net inflow on subsequent trading days.

Spot Ether ETF Trading Volumes Showcase Activity

Based on Yahoo Finance’s aggregation of The Block Pro Research data, spot Ether ETFs generated approximately $951 million in trading volume on Wednesday, following a slightly higher volume of $1.05 billion on their first trading day, Tuesday. Across nine funds, Tuesday witnessed net inflows close to $106.78 million, highlighting robust early activities.

Bitcoin ETFs Display Consistent Inflows

Mirroring the Ethereum trends, BlackRock’s IBIT recorded $65.99 million in net entries. Similarly, Ark and 21Shares ARKB attracted $3.29 million, while Fidelity FBTC drew in $1.44 million, underlying a diverse reaction to the ETF products in the market.

Market Reaction and Price Movements

CMC reports show Ethereum experienced significant price volatility, dropping by 8.24% in the past 24 hours to a value of $3,158. Bitcoin mirrored this downward trend with a 3% decline, settling at $63,900. The resultant market pressure saw numerous altcoins lose over 5% in value, reflecting the broad impact of the trading activities.

Conclusion

The diverse net flows among U.S. spot Ethereum ETFs on their second trading day highlight the volatile nature of the crypto market. With significant withdrawals from some funds and notable inflows into others, market participants are advised to follow developments closely and conduct thorough research before making investment decisions. The broader price declines in major cryptocurrencies like Ethereum and Bitcoin further underscore the need for cautious and informed investment strategies.

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