Spot Ethereum exchange-traded funds have recorded an immediate net outflow on their second day of trading in the United States.
According to data provided by Farside Investors, spot Ethereum (ETH) ETFs witnessed a net outflow of $133.3 million on Wednesday, July 24. Notably, only the Grayscale Ethereum Trust (ETHE) saw an outflow of $326.9 million.
On their first trading day, spot ETH ETFs recorded over $1 billion in trading volume with $106.6 million in net inflows.
Data from Farside Investors shows that the total outflow from the ETHE fund has already reached $811 million over the past two days. The Grayscale Ethereum Mini Trust (ETH), on the other hand, saw $45.9 million and $15.1 million on July 24 and 23, respectively.
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Most of the inflows came from the Fidelity Advantage Ether ETF (FETH), worth $74.5 million.
Moreover, the WisdomTree Physical Ethereum Securities ETP (ETHW) and the VanEck Ethereum ETF (ETHV) registered $29.6 million and $19.8 million in inflows, respectively.
BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $17.4 million in inflows yesterday, per Farside Investors. The investment product’s inflows reached $266.5 million on July 23.
Franklin Ethereum ETF Fund (EZET) and Invesco’s Ether Fund (QETH) had smaller shares of the net inflows, each worth $3.9 million and $2.5 million. 21Shares Core Ethereum ETF (CETH) remained neutral as the market moved back into bearish momentum.
Following the significant net outflows from Ethereum ETFs, the Ethereum price plunged by 7.6% over the past 24 hours. The second-largest cryptocurrency is trading at $3,180 at the time of writing. ETH’s market cap is currently hovering at $382 billion with a daily trading volume of $21.3 billion.
ETH price – July 25 | Source: Trading View
It’s important to note that the broader crypto market is also wandering in the bearish zone. According to data from CoinGecko, the global cryptocurrency market capitalization declined by 3.4% over the past day and is currently sitting at $2.43 trillion.
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