US Spot Ethereum ETFs See $133M in Net Outflows on Second Trading Day
Nairobi (CoinChapter.com) — US spot Ethereum ETFs saw a drastic shift on their second trading day, experiencing outflows that reversed the previous day’s gains. On Wednesday, July 25, US spot Ethereum ETFs saw net outflows of $133.16 million, a stark contrast to the gains recorded earlier in the week.
Data from SosoValue revealed that Grayscale’s Ethereum Trust (ETHE) bore the brunt of these withdrawals, with a staggering $326.86 million in net outflows.
Grayscale Leads Outflows While Fidelity Tops Inflows
Grayscale’s ETHE, which saw inflows on the first day, reversed course dramatically. It became the only fund among nine US spot Ethereum ETFs to record net outflows. In contrast, Fidelity’s FETH led with $74.46 million in net inflows. Other funds also performed well.
Grayscale Ethereum Mini Trust, Bitwise ETHW, and VanEck ETHV recorded net inflows of $45.93 million, $29.64 million, and $19.84 million, respectively.
The trading volume for spot Ethereum ETFs also declined. About $951 million traded on Wednesday, down from $1.05 billion on Tuesday. This decline in trading volume suggests cooling investor interest, possibly due to broader market conditions.
Spot Bitcoin ETFs Witness Modest Inflows
While Ethereum ETFs faced outflows, spot Bitcoin ETFs in the US saw modest inflows. On July 24, they recorded $44.51 million in net inflows. Grayscale’s GBTC was the only Bitcoin ETF to record negative flows. It saw $26.22 million in net outflows.
BlackRock’s IBIT led the inflows with $65.99 million. Ark and 21Shares’ ARKB followed it with $3.29 million. Fidelity’s FBTC recorded $1.44 million in net inflows.
The broader cryptocurrency market remained bearish, with Ether dropping 8.24% to around $3,158 and Bitcoin falling 3% to $63,901.
The global cryptocurrency market capitalization declined by 3.4% to $2.43 trillion, reflecting investor concerns over recent developments, including the impact of Mt. Gox’s latest transfers.
BlackRock Ethereum ETF Remains in Demand Despite Decline
Despite the outflows in Ethereum ETFs, BlackRock’s iShares ETF maintained a notable presence in the market. On the first day of the spot Ethereum ETF launch, BlackRock’s iShares ETF saw substantial inflows, recording $266 million in inflows.
However, inflows dropped on the second day, with the fund managing to attract only $17 million in net.
Currently, BlackRock holds a total of 79,699 ETH. This substantial holding underscores the continued interest in Ethereum ETFs.
Despite short-term volatility, interest remains strong. Data from Farside Investors indicated spot Ethereum ETFs lost $133 million in outflows on the second day, pushing the net flow for these funds into negative territory.
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