Ethereum exchange-traded funds (ETFs) recorded more than $133 million in outflows on their second day of trading, according to data provided by Farside Investors. Fidelity’s FETH led the way with $74.5 million in inflows.

Grayscale’s mini ETF came in second with $45.9 million in inflows. BlackRock’s ETHA recorded smaller inflows worth $17.4 million. However, these inflows were not enough to offset the huge outflows recorded by Grayscale’s ETHE, which lost $326 million on Wednesday. The outflows were expected as ETHE charges a high fee of 2.5%. According to U.Today, the Ethereum ETF attracted “very strong” inflows on its first day.

However, these products appear to be struggling to maintain their momentum. Ethereum’s price has fallen 7.3% in the past 24 hours amid a massive sell-off. Cryptocurrencies have suffered a double whammy from disappointing ETF flows and the recent U.S. stock market crash. The tech-heavy Nasdaq 100 fell 3.6%. Tesla’s earnings fell short of Wall Street expectations and its shares fell more than 12%. Bitcoin’s dominance continues to grow Meanwhile, despite widespread attention surrounding the launch of an Ethereum ETF, Bitcoin’s dominance has surged to 56%, its highest level in more than a month.

The ETH/BTC pair has fallen 6% in just two days, and if net outflows continue, the pair will likely continue to underperform. In comparison, the Bitcoin ETF, which launched in early January, saw net inflows of $44.5 million on Wednesday. BlackRock's blockbuster product IBIT led the way with inflows of $60 million. Grayscale's GBTC recorded outflows of $26.2 million. On the second day of trading, the Bitcoin ETF recorded inflows worth $200 million despite selling pressure from Grayscale GBTC.#比特币大会