Big developments continue to occur after the Spot Ethereum ETF's second day on the market. According to on-chain data analysis, BlackRock iShares Ether ETF has purchased 76,669 Ethereum through Coinbase Prime. This situation reveals that there is a strong institutional interest in BlackRock's Ethereum fund, which has just stepped into the market, which is also in a strong position on the spot Bitcoin ETF side.

BlackRock Ethereum ETF

BlackRock Ethereum ETF may have completely outperformed its rivals. After two days of trading, it has become the focus of the market. In the first 24 hours after the start of trading in spot Ethereum ETFs, BlackRock's iShares ETF hosted a massive inflow of $266 million.

However, inflows were not as expected on the second day, and on the BlackRock side, inflows amounted to only $17 million, which meant a huge drop in interest. As of today, the number of ETHs held by BlackRock is 79,699.

Spot Ethereum ETFs saw outflows totaling a staggering $133 million on the second day of trading, according to data provided by Farside Investors. This signaled that the direction for Ethereum ETFs had turned negative.

Grayscale Ethereum Trust (ETHE), Grayscale's ETF on the Ethereum side, which was frequently mentioned in the first period on the spot BTC ETFs side, was the source of the biggest outflows.

In trading marking Wednesday, July 24, Grayscale's ETHE experienced net outflows of $386 million and moved above $811 million. Following this situation, Grayscale ETHE's AUM has fallen below $8.0 billion as of today. On the other hand, Ethereum mini Trust, another initiative of Grayscale, reflected that its inflows reached $45 million.

How Many Dollars Is ETH?

Today's price movements in the Ethereum price after the past 2 weeks make investors nervous. ETH price has lost nearly 8% in the last 24 hours and is trading at $3,150. It's been rumored that the approval of the Ethereum ETF could once again be a buy-the-rumor-sell-the-news affair, which may not be wrong.

Looking back before the ETF approval in May, it was seen that the ETH price returned to over $ 3,900 with the support of investors and an incredible price movement occurred. At this point today, BTC is struggling not to fall below $ 3,000 again. Market analysts, on the other hand, state that Ethereum may host a downward movement before starting its movement towards the all-time high, similar to what happened in Bitcoin.