Ethereum exchange-traded funds (ETFs) recorded a solid net flow of $1.1 billion on their debut day of trading in the United States. ETH price recorded a slight slump despite marking a milestone moment in the crypto industry.
Also read: Coinbase seeks court order for SEC to produce Gensler linked docs
The first-day trends suggest that Ether is set to witness more correction ahead as the freshly converted Grayscale Ethereum Trust endured major outflow on its first day. The withdrawals from the converted ETF added to the increasing selling pressure in the market.
Ether ETF off to a solid start
Per data shared by analyst James Seyffart, Ether ETFs now hold $10.2 billion in assets across all 9 approved investment products. The cumulative trading volume recorded for day 1 stood at more than $1.1 billion. He asserted it to be a very solid first day.
Also read: Elon Musk seeks public opinion on $5 billion xAI investment for Tesla
The total net flow remained positive at $107 million despite witnessing a massive $484 million outflow from Grayscale’s ETHE. However, BlackRock’s iShares Ethereum Trust ETF (ETHA) leads the way with $266.5 million.
Despite the solid opening day, Ether printed red index in the market as its price dropped marginally in the last 24 hours. ETH price dropped from the $3,500 mark, adding up to a decline of 8% in the last 60 days. Its 24-hour trading volume dropped by over 6% to stand at $21.05 billion. It currently holds a market cap of $416 billion.
Bulls bleed as ETH price drops
Data provided by Coinglass shows that around $46 million worth of long and short positions taken by traders on the Ether price liquidated in the last 24 hours. $37.52 million (81%) of the bets liquidated turned out to be long positions. This suggests that traders were expecting a price surge as the ETH ETF opened up for trading, while the ETH price witnessed a major resistance to the print green index.
Source: Coinglass
The cumulative crypto market recorded a slow start to this week as Bitcoin failed to its maintain $67,000 position. BTC price is still up by 2.5% in the last 7 days mostly due to bullish waves coming from Bitcoin ETFs.
The latest day shows that Bitcoin ETFs broke their 12-day inflow streak. Investors went on to withdraw $78 million from these investment products. Bitwise’s BITB saw a net outflow of $70 million, and Ark’s ARKB ranked second on the list with $52 million. Grayscale saw an outflow of $27 million.
This decline comes in after Bitcoin ETFs recorded a solid inflow of more than $420 million Last Monday and Friday.
