As the Ethereum spot ETF enters its second day of trading, the market has seen a $133 million outflow, primarily blamed on massive losses from Grayscale’s Ethereum Trust (ETHE). At the same time, BTC once fell below 64k at noon Taiwan time, and ETH fell more than 5% in 24 hours.
(Ethereum vs. Bitcoin Spot ETF, Bloomberg Analyst: Very solid first day launch!)
Ethereum spot ETF saw net outflows of $133 million the next day
Farside Investors data points out that eight of the nine Ethereum spot ETFs currently on the market achieved net capital inflows on the second day.
However, even so, the overall market still had a net outflow of $133.3 million, reversing Tuesday's original net inflow of $106.6 million, leaving the current fund still in an outflow state (-$26.7 million).
Fidelity (FETH), Bitwise (ETHW) are slightly better
Today, Fidelity’s Ethereum Spot ETF (FETH), Grayscale’s Mini Ethereum ETF (ETH) and Bitwise’s ETHW took the lead, with net fund inflows of US$74.5 million, US$45.9 million, and US$29.6 million respectively. .
On the other hand, BlackRock's Ethereum Spot ETF (ETHA), which took the lead on the first day of trading, only had a net inflow of US$17.4 million, but it is still the largest issuer under management, reaching approximately US$284 million. .
Grayscale (ETHE) outflows $810 million in two days
Regarding the overall net outflow of the Ethereum spot ETF market, it is difficult not to blame it on Grayscale’s other Ethereum spot ETF (ETHE). The net outflow exceeded US$326 million, becoming the only fund among all funds to have a net outflow. , and a fairly large-scale fund.
Tellingly, investors witnessed a total outflow of $811 million from ETHE in two days, with more than 9% of the fund’s holdings sold.
A similar situation occurred in the first few weeks after the launch of the Bitcoin Spot ETF, when six out of ten trading days saw net outflows due to the Grayscale Bitcoin ETF (GBTC) exceeding $2 billion. The tide of dumping.
(Bitcoin Spot ETF｜GBTC outflows 10,000 Bitcoins every day, 500,000 Bitcoins are still waiting to be sold?)
Grayscale ETHE capital outflows caused concern, ETH fell 8% during the day
Or due to market concerns caused by Grayscale ETHE's large outflow of funds, Ethereum (ETH) fell from the level of $3,300 to around $3,100 at noon today, and the decline expanded to 8% within 24 hours.
Source: Coingecko
Meanwhile, Bitcoin (BTC) fell slightly by 2.9% on the day, standing firm at around 64k.
Gloom also enveloped U.S. stocks, which also saw significant selling pressure, with the S&P 500 down more than 2% and the Nasdaq down 3.64%.
(U.S. stocks plummeted, and ETH staged a "sell the news" trend with the listing of the Ethereum spot ETF)
This article is terrible! The Ethereum spot ETF saw a net outflow of US$133 million on the second day of its listing, and Grayscale was the culprit. First appeared on Chain News ABMedia.
