The United States Securities and Exchange Commission's (SEC) approval of spot Ethereum ETFs has created great excitement in the cryptocurrency world. However, the performance of these investment instruments did not meet expectations and last week's transactions were a clear indication of this.
Performance Analysis of Spot Ethereum ETFs
Following the SEC's unexpected approval, spot Ethereum ETFs have attracted wide attention in the cryptocurrency market. However, this initial excitement quickly began to fade and ETFs underperformed. The launch of ETFs on July 23 with net inflows of approximately $106.8 million was perceived as a positive sign compared to the launch of Bitcoin ETFs.
But the situation changed rapidly in the following days. On July 24, ETFs experienced a significant net outflow of $133 million. In the following days, outflows of $152 million were observed on July 25 and $162 million on July 26. These outflows reflect investor hesitancy and market instability associated with these investment products.
Grayscale's Ethereum Trust and Market Dynamics
Grayscale's Ethereum Trust (ETHE) stands out as an important part of this process and is a major contributor to the observed outflows. Notably, ETHE recorded an outflow of more than $356 million in a single day on July 26. This has raised concerns about the overall stability of spot Ethereum ETFs. However, Grayscale's product continues to deliver net inflows overall, reflecting the complex relationships between ETFs and investor sentiment.
Ethereum's Own Performance
Ethereum's own performance does not reflect market enthusiasm for ETFs. Ethereum's price fell more than 7% last week and stabilized at around $3,248. This marks a 1.1% decline from the previous day and further complicates the outlook for spot Ethereum ETFs. Investors have issues with the short-term performance of the underlying asset.
CryptoQuant's Report and Impacts
The latest report published by CryptoQuant helps us better understand the limited impact of these ETFs on Ethereum's market dynamics. Using the ârealized capital multiplier,â the report states that each dollar invested in Bitcoin could potentially increase its market value by $5, but for Ethereum this impact is only $1.3 per dollar invested. This low multiplier effect highlights the relative inability of new entrants to create major changes in Ethereum's market value.
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