Ethereum

Major

<ul class="wp-block-list">
 <li>Fidelity’s Ethereum Fund had over $25 million in earnings in just one day.&nbsp;&nbsp;</li>  
 <li>Bitcoin ETFs also lost more than $290 M on the same day.&nbsp;&nbsp;</li>  
 <li>Despite cuts, trading volumes for these funds remained strong and showed constant commitment.&nbsp;</li> 
</ul>  
<p>On October 1, 2024, the Fidelity Ethereum Fund saw over $25 million in revenue losses. This represents the largest daily withdrawal for U.S.-based spot Ether exchange-traded funds, excluding the Grayscale Ethereum Trust. Geopolitical tensions have escalated and affected investor confidence, leading to widespread migrations in the <a href="https://cryptonewsland.com/market-sentiment-keywords-predict-cryptocurrency-bullish-and-bearish-trends/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency </a>industry.</p>  
<h2 class="wp-block-heading" id="h-ethereum-etf-market-dynamics">Ethereum ETF Market Dynamics</h2>  
<p>The total outflows from Ethereum ETFs reached $48.6 million across nine issuers. Grayscale’s Ethereum Trust led with $26.6 million in withdrawals. Consequently, Fidelity’s Ethereum Fund followed closely by losing $25 million in one day. Bitwise’s Ethereum ETF recorded withdrawals of about $895,650. Other spot Ethereum ETFs maintained stability and showed no significant changes.</p>  
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<p>These rapid outflows raise questions about the sustainability of <a href="https://cryptonewsland.com/vitalik-buterin-ethereums-evolution-beyond-digital-silver/" target="_blank" rel="noopener noreferrer nofollow">Ethereum </a>investments. Despite the current turmoil, Fidelity’s Ethereum Fund remains the second-highest in total investments with about $453.5 million. However, the speed of withdrawals indicates growing concern among investors.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-etfs-encounter-similar-issues">Bitcoin ETFs Encounter Similar Issues</h2>  
<p>The challenges in the cryptocurrency market extended to Bitcoin ETFs, which also faced considerable outflows. Over $290 million left Bitcoin ETFs on October 1 and disrupted a positive inflow trend that had added $1.42 billion to these funds over the previous eight days. Fidelity’s FBTC ETF recorded the largest outflow by losing $144.7 million.&nbsp;</p>  
<p>Moreover, ARK 21Shares’ ARKB ETF experienced $84.3 million in withdrawals. Other funds like Bitwise’s BITB and VanEck’s HODL saw declines of $32.7 million and $15.8 million. Grayscale’s Bitcoin Trust recorded a smaller decrease of $5.9 million, while other Bitcoin ETFs showed no outflows.</p>  
<h2 class="wp-block-heading" id="h-resilient-trading-volumes-amid-outflows">Resilient Trading Volumes Amid Outflows</h2>  
<p>Despite massive outflows, sale volumes across digital asset ETFs remained strong. Bitcoin ETFs recorded a trading volume of $2.53 billion on October 1, which shows continuing support from fund managers. Since their inception, these securities have attracted a total of $18.62 billion in net inflows.</p>  
<p>Nevertheless, cumulative net revenues from Ethereum ETFs have reached $572.31 million since their first public offering. This trend reflects the challenges investors face amid rising geopolitical tensions.</p> 
<p>The post <a href="https://cryptonewsland.com/fidelity-ethereum-etf-sees-major-withdrawals-amid-market-tension/" rel="noopener noreferrer nofollow">Fidelity Ethereum ETF Sees Major Withdrawals Amid Market Tension</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Fidelity Ethereum ETF Sees Major Withdrawals Amid Market Tension

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