Ether ETFs end second trading day with $133M in outflows

July 25, 2024
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Ether ETFs end second trading day with $133M in outflows

Photo credit: Michael Nagle/Bloomberg

US spot Ether exchange-traded funds (ETFs) saw a net outflow of $133.16 million on their second day, primarily due to efflux from Grayscale’s Ethereum Trust (ETHE).

Seven of the nine Ether funds recorded positive flows on July 24, led by the Fidelity Ethereum Fund (FETH), recording $74.46 million in net inflows, followed by the Grayscale Ethereum Mini Trust (ETH) and Bitwise Ethereum ETF (ETHW), with $45.93 million and $29.64 million, respectively, latest data from SoSoValue shows.

Net inflows were also seen on the VanEck Ethereum ETF ($19.84 million), iShares Ethereum Trust ($17.44 million), Franklin Ethereum ETF ($3.86 million), and Invesco Galaxy Ethereum ETF ($2.52 million).

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(Source: SoSoValue)

However, the $326.86 million outflows from the recently converted Grayscale’s ETHE counteracted positive flows on the day.

Launched in 2017, ETHE provided institutional investors access to ETH but with a six-month lock-up period. Following its conversion to a spot Ether fund on July 22, investors have gained the ability to sell their ETH more readily.

ETHE has recorded $810.97 million in net outflows since its conversion.

The latest performance of these Ether funds isn’t unheard of, with spot Bitcoin ETFs experiencing net outflows on six out of their first ten trading days, often attributed to outflows from the Grayscale Bitcoin Trust ETF.

Bitcoin ETFs on Wednesday recorded $44.51 million in daily net inflows, according to SoSoValue data.

Ether, the second-largest cryptocurrency by market capitalization, trades at $3,159.16, down 8.8% at the time of writing, per CoinGecko. The tumbling price aligns with Kaiko analyst Will Cai’s prediction that ETH’s price will be highly reactive to initial investment levels in the spot ETFs.

The Ether funds recorded $106.78 million in net inflows on their debut despite the $484.11 million outflows from Grayscale’s ETHE.

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