Ethereum

Bitcoin ETF

Spot

United States-based spot Ether exchange-traded funds (ETFs) have returned net outflows of $113.3 million on their second trading day, primarily due to heavy bleeding from Grayscale’s Ethereum Trust.
Seven of the eight “newborn” spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs posted net inflows on day two of trading. The Fidelity Ethereum Fund (FETH) and the Bitwise Ethereum ETF (BITW) led the pack with the largest net inflows, posting $74.5 million and $29.6 million, respectively.
BlackRock’s iShares Ethereum Trust (ETHA), which posted the most robust inflows out of the group on July 23, only collected $17.4 million from investors on July 24.
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 <img alt="Spot Ethereum ETFs post $113M of outflows on second day of launch" src="https://s3.cointelegraph.com/uploads/2024-07/e8846d7d-9d44-4005-a6df-7f460f65faf0.png" title="">
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 Ether ETFs posted net negative outflows on day two of trading. Source: FarSide Investors
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The new ETFs were weighed down by another heavy day of selling from the recently converted Grayscale Ethereum Trust (ETHE), which hemorrhaged $326.9 million in outflows.
Launched by Grayscale in 2017, ETHE allowed institutional investors to purchase ETH. However, it imposed a six-month lock-up period on all investments. Upon its conversion to a spot Ether fund on July 22,&nbsp;investors have been able to sell their ETH more easily.
In the two days following its conversion, ETHE has witnessed $811 million in outflows, meaning that existing ETHE investors have now sold off just over 9% of the fund’s holdings.
Related: <a href="https://cointelegraph.com/news/ethereum-etfs-start-strong-but-lag-epic-bitcoin-etf-launch-analysts">Ethereum ETFs start strong but lag epic Bitcoin ETF launch — Analysts</a>
The recent Ether ETF performance isn’t unprecedented.&nbsp;
Spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs posted cumulative net outflows for six out of 10 of their first trading days, with many blaming outflows from the Grayscale Bitcoin Trust ETF.
ETH is trading at $3,172 at the time of publication, down over 6.8% in the last 24 hours and 7.4% on the week, per TradingView data.
Ether’s souring price action came amid a wider sell-off in the equities market, with the S&amp;P 500 closing down 2.3% on July 24.
<figure data-ct-non-breakable="true">
 <img alt="Spot Ethereum ETFs post $113M of outflows on second day of launch" src="https://s3.cointelegraph.com/uploads/2024-07/92c2d104-d18e-4a44-a641-100e1a11de6c.png" title="">
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 ETH’s price tumbled sharply amid ETF outflows. Source: TradingView
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Notably, ETH fell more sharply relative to Bitcoin, which only tumbled 2.6%. This is in line with Kaiko analyst Will Cai’s prediction that ETH’s price could be extremely “sensitive” to inflows following the launch of the ETFs.
Grayscale’s ETHE shed $484.4 million on its first day of trading as a spot Ether ETF. However, robust inflows across the other eight products pushed cumulative <a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading">net inflows to $106.6 million</a>.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Spot Ethereum ETFs post $113M of outflows on second day of launch

Cointelegraph

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