For the third day, spot Ethereum ETFs saw significant trading activity, but initial momentum is slowing.
Total trading volume among the funds on Thursday was approximately $850 million, according to Yahoo Finance data. Trading volume for Tuesday's session was recorded at $950 million on Wednesday, after exceeding $1.05 billion.
Net outflows from ETFs on Wednesday resulted in net outflows of $1133.16 million, reversing net inflows of $106.78 million on Tuesday. According to SosoValue, Grayscale Ethereum Trust (ETHE) recorded a net outflow of $326.86 million, making it the only Ethereum fund to show an outflow. "The significant pullback... was not only surprising, it was expected. Spot Bitcoin ETFs initially pushed prices higher, but markets fell due to the market's short-term memory," Keyrock's Justin d'Anethan said. he said.
The price of Ether dropped by up to 8%, falling to $3,263 at the time of writing. The transaction volume in the last 24 hours was recorded as 25.9 billion dollars.
"After the launch of the ETPs, the BTC price initially fell due to a combination of 'sell the news' and large outflows from GBTC. Subsequently, inflows into other ETPs increased and the price rose," Bitwise Investment Strategist Juan Leon wrote in an X post. he said.
After two days of trading, the strategist stated that ETH had fallen by approximately 10%, emphasizing that, as in the case of BTC, there were significant outflows from Grayscale Ethereum Trust (ETHE) and these outflows would continue for a while. It was also taken into account that the Ethereum price rose in the two weeks before the spot ETFs opened.
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