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Ethereum exchange-traded funds (ETFs) recorded a solid net flow of $1.1 billion on their debut day of trading in the United States. ETH price recorded a slight slump despite marking a milestone moment in the crypto industry.
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The first-day trends suggest that Ether is set to witness more correction ahead as the freshly converted <a href="https://www.cryptopolitan.com/grayscale-spot-ethereum-etfs-launch-with-1b/" rel="noopener noreferrer nofollow">Grayscale</a> Ethereum Trust endured major outflow on its first day. The withdrawals from the converted ETF added to the increasing selling pressure in the market.
<h3 id="span-style-font-weight-400-ether-etf-off-to-a-solid-start-span">Ether ETF off to a solid start</h3>
Per <a href="https://x.com/JSeyff/status/1816061764926087481" rel="noopener noreferrer nofollow" target="_blank">data</a> shared by analyst James Seyffart, Ether ETFs now hold $10.2 billion in assets across all 9 approved investment products. The cumulative trading volume recorded for day 1 stood at more than $1.1 billion. He asserted it to be a very solid first day.
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The total net flow remained positive at $107 million despite witnessing a massive $484 million outflow from Grayscale’s ETHE. However, BlackRock’s iShares Ethereum Trust ETF (ETHA) leads the way with $266.5 million.
Despite the solid opening day, Ether printed red index in the market as its price dropped marginally in the last 24 hours. ETH price dropped from the $3,500 mark, adding up to a decline of 8% in the last 60 days. Its 24-hour trading volume dropped by over 6% to stand at $21.05 billion. It currently holds a market cap of $416 billion.
<h3 id="span-style-font-weight-400-bulls-bleed-as-eth-price-drops-span">Bulls bleed as ETH price drops</h3>
Data provided by Coinglass shows that around $46 million worth of long and short positions taken by traders on the Ether price liquidated in the last 24 hours. $37.52 million (81%) of the bets liquidated turned out to be long positions. This suggests that traders were expecting a price surge as the ETH ETF opened up for trading, while the ETH price witnessed a major resistance to the print green index.
<figure id="attachment_559570" aria-describedby="caption-attachment-559570" style="width: 100%" class="wp-caption alignnone"><img fetchpriority="high" decoding="async" class="wp-image-559570 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-etf-liq.jpg" alt="" width="967" height="462" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-etf-liq.jpg 967w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-etf-liq-300x143.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-etf-liq-768x367.jpg 768w" sizes="(max-width: 967px) 100vw, 967px">
 <figcaption id="caption-attachment-559570" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure>
The cumulative crypto market recorded a slow start to this week as Bitcoin failed to its maintain $67,000 position. BTC price is still up by 2.5% in the last 7 days mostly due to bullish waves coming from Bitcoin ETFs.
The latest day shows that Bitcoin ETFs broke their 12-day inflow streak. Investors went on to withdraw $78 million from these investment products. Bitwise’s BITB saw a net outflow of $70 million, and Ark’s ARKB ranked second on the list with $52 million. Grayscale saw an outflow of $27 million.
This decline comes in after Bitcoin ETFs recorded a solid inflow of more than $420 million Last Monday and Friday.

Ether ETF makes strong debut while ETH price declines

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