On the second day of trading, US spot Ethereum ETFs saw huge outflows, that reversed the previous day’s gains.
On July 25, the Spot Ethereum ETFs experienced a net outflow of $133.16 million, which was a big drop from the day one’s positive performance. Data showed that Grayscale’s Ethereum Trust (ETHE) was hit the hardest, facing $326.86 million in net outflows.
Grayscale’s ETHE, which had seen inflows on the first day, had a complete turnaround and was the only fund among nine US spot Ethereum ETFs to show net outflows on the second day.
See Also: SEC Approves All Spot Ethereum ETFs
Spot Ethereum ETFs Inflows
On the other hand, Fidelity’s FETH led with $74.46 million in net inflows. Other funds like Grayscale Ethereum Mini Trust, Bitwise ETHW, and VanEck ETHV also saw positive net inflows of $45.93 million, $29.64 million, and $19.84 million, respectively.
The total trading volume for spot Ethereum ETFs also dropped. Around $951 million was traded on Wednesday, down from $1.05 billion the day before. This decrease in trading volume suggests that investors might be losing interest, possibly due to broader market conditions.
Meanwhile, spot Bitcoin ETFs in the US experienced modest inflows. On July 24, they had net inflows of $44.51 million. However, Grayscale’s GBTC was the only Bitcoin ETF to see outflows, totaling $26.22 million. BlackRock’s IBIT saw the highest inflows with $65.99 million, followed by Ark and 21Shares’ ARKB with $3.29 million, and Fidelity’s FBTC with $1.44 million in net inflows.
The crypto market was down, with Ether falling 8.24% to about $3,158 and Bitcoin dropping 3% to $63,901. The total value of the crypto market also went down by 3.4% to $2.43 trillion, showing concerns among investors, including the effects of recent Mt. Gox transfers.
Despite the drop in Spot Ethereum ETF inflows, BlackRock’s iShares ETF remained popular. On the first day of the Ethereum ETF launch, it saw $266 million in inflows. However, this number dropped on the second day to $17 million.
BlackRock now holds 79,699 ETH, showing that there is still strong interest in Ethereum ETFs, even with the recent volatility. Data from Farside Investors indicated that the total outflows for spot Ethereum ETFs on the second day were $133 million, pushing the overall net flow into negatively.
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