Spot Ethereum exchange-traded funds (ETFs) experienced a notable net outflow on their second day of trading in the United States, as reported by Farside Investors.
Net Outflows and Trading Volumes
On Wednesday, July 24, spot Ethereum ETFs witnessed a net outflow of $133.3 million. The Grayscale Ethereum Trust (ETHE) was particularly impacted, seeing an outflow of $326.9 million. This follows a strong first trading day, where spot ETH ETFs recorded over $1 billion in trading volume and net inflows of $106.6 million.
Data from Farside Investors reveals that the total outflow from the ETHE fund has reached $811 million over the past two days. Conversely, the Grayscale Ethereum Mini Trust (ETH) saw inflows of $45.9 million and $15.1 million on July 24 and 23, respectively. The Fidelity Advantage Ether ETF (FETH) led inflows with $74.5 million.
Inflows from Other ETFs
Several other Ethereum ETFs also saw significant inflows:
WisdomTree Physical Ethereum Securities ETP (ETHW): $29.6 million
VanEck Ethereum ETF (ETHV): $19.8 million
BlackRock’s iShares Ethereum Trust ETF (ETHA): $17.4 million on July 24, with total inflows of $266.5 million on July 23
Smaller inflows were recorded by:
Franklin Ethereum ETF Fund (EZET): $3.9 million
Invesco’s Ether Fund (QETH): $2.5 million
The 21Shares Core Ethereum ETF (CETH) remained neutral as the market shifted back into bearish territory.
Impact on Ethereum Price and Market Sentiment
The substantial net outflows from Ethereum ETFs have contributed to a 7.6% decline in Ethereum's price over the past 24 hours, with ETH trading at $3,180 at the time of writing. Ethereum's market cap is currently around $382 billion, with a daily trading volume of $21.3 billion.
The broader cryptocurrency market is also experiencing a downturn. According to CoinGecko, the global cryptocurrency market capitalization has decreased by 3.4% over the past day, currently standing at $2.43 trillion.
This shift towards net outflows and the subsequent price decline highlight the volatility and shifting sentiment within the crypto market as investors respond to the latest developments in Ethereum ETF trading.
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