BlackRock’s Ethereum ETF received 76,669 ETH from Coinbase Prime, highlighting strong institutional interest.
BlackRock iShares ETF’s inflows dropped from $266 million on the first day to $17 million on the second day.
Grayscale ETHE saw net outflows of $811 million in two days, reducing its assets under management below $8 billion.
On the second day of its launch, the BlackRock iShares Ether ETF saw significant reshuffling. On-chain data revealed that the fund received 76,669 ETH from Coinbase Prime. This move highlights the strong interest from institutional investors.
This interest follows an impressive first day, where the BlackRock iShares ETF recorded inflows of $266 million. However, the enthusiasm did not sustain, with inflows dropping sharply to $17 million on the second day. Consequently, BlackRock’s total Ethereum holdings reached 79,699 ETH.
BlackRock(iShares) Ethereum ETF wallet received 76,669 $ETH($262.4M) from #CoinbasePrime 10 hours ago.According to #BlackRock's official website, #BlackRock currently holds 79,699 $ETH($277M).https://t.co/sefS6WTlHz pic.twitter.com/pvEGrWxvT9
— Lookonchain (@lookonchain) July 25, 2024
Competitive Landscape and Market Dynamics
Spot Ethereum ETFs experienced substantial outflows on the second day, amounting to $133 million. This resulted in negative net flows for Ether ETFs. The Grayscale Ethereum Trust (ETHE), now converted into an ETF, was the primary source of these outflows.
On July 24, Grayscale’s ETHE saw net outflows of $386 million, bringing the two-day total to over $811 million. Consequently, Grayscale ETHE’s assets under management slipped below $8 billion. Meanwhile, the Grayscale Ethereum mini-Trust recorded inflows of $45 million, suggesting differing investor strategies.
Ethereum Price Reaction and Market Sentiment
The recent approval of the Ethereum ETF looks to have set off a sell-the-news event. Investors cashed out profits, forcing the price of Ethereum to fall by more than 8% to $3,150, indicating considerable market selling pressure.
Market analysts suggest that Ethereum may face a two-week downtrend before potentially resuming its upward trajectory, underscoring the dynamic nature of markets following significant events like ETF approvals.
The launch of the BlackRock iShares Ether ETF has sparked notable movements in the market. Despite initial high inflows, subsequent days showed a significant drop, reflecting a cautious investor approach. The broader market saw substantial outflows, particularly from Grayscale’s ETHE. The price of Ethereum also reacted, reflecting the dynamic nature of cryptocurrency markets following significant events like ETF approvals.
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The post BlackRock’s Ethereum ETF Gains 76,669 ETH Amid Grayscale’s $811M Outflows appeared first on Crypto News Land.
