On Thursday, Ether’s price dropped below the $3,200 level as the recently launched ETH exchange-traded funds (ETFs) reported an outflow of $133 million. Other large cap cryptos, including Bitcoin (BTC) and Solana (SOL), also printed red indexes in the last 24 hours.
Also read: Grayscale leads $113.3M outflow in spot Ethereum ETFs on day 2
ETH price dropped by more than 8% over the last day dragging it to trade in the $3,100 price range. A similar decline can be seen in Bitcoin price which dropped by 4% in the same period. The cumulative crypto market cap slumped by more than 4% to stand at $2.32 trillion.
Ether ETFs leak $133 million in outflow
Data shows that the spot ETH ETFs’ total net outflow for July 24 turned out to be $133 million, while the total trading volume stood at $1.05 billion. Grayscale ETH Trust ETF (ETHE) recorded an outflow of $327 million, while, Grayscale mini ETF ETH saw an inflow of around $46 million.
Fidelity Ether ETF (FETH) registered the highest inflow for the day with $74.4 million. Bitwise Ethereum ETF (ETHW) endured an inflow of $29.64 million as Ether spot ETFs’ total net asset value stood at $9.538 billion on day 2.
The launch of fresh investment products linked to Ethereum has had a major impact on the market. ETH price is now down by 16% in the last 60 days. The second largest crypto is trading at an average price of $3,172, at the press time. Its 24 hour trading volume is marginally up, staying at $22.2 billion.
Source: Sosovalue ETH bulls endure a tough 24 hours
Data provided by Coinglass shows that around $102 million worth of long and short positions taken by traders on the ETH price got liquidated in the last 24 hours. $98.35 million (95%) of the bets liquidated turned out to be long positions. This huge margin suggests that bulls were hoping for a market turnaround for ETH, however, the sentiments remained bearish for the crypto.
Source: Coinglass
The on-chain tracker depicts that the total liquidation has come in at $290 million in the past 24 hours. More than $262 million worth of long bets (90%) liquidated as the crypto market sees increased selling pressure.
Bitcoin is down 4% and is trading at an average price of $64,144 as of press time. However, its 24-hour trading volume is up 9%, standing at $34.6 billion.
BTC-linked ETFs logged a daily net inflow of $44.51 million as BlackRock’s IBIT saw a $65.99 million incoming, while, ARK’s ARKB recorded $3.29 million. Grayscale’s GBTC shrunk by $26.22 million in outflows over the last day. Bitcoin ETFs hold a cumulative positive net flow of $17.5 billion.
