US Ethereum (ETH) spot exchange-traded funds (ETFs) fell back into their old pattern of outflows yesterday. On Tuesday, the funds saw their first inflows since their debut, but it didn’t prove to be the desired start to a positive run.
Grayscale’s ETHE fund continues to experience worrying outflows, putting significant pressure on Ethereum’s price.
ETH Funds Lose Tens of Millions of Dollars Again
Things seemed to be going in the right direction with the Ethereum funds launched last week, but yesterday’s result has dashed hopes of a trend reversal.
Data from Farside Investors shows that Ethereum ETFs lost a total of $77.2 million yesterday. The result comes after the funds raked in $33.7 million on Tuesday, following four consecutive days of red trading.
Like every other day, Grayscale’s recently converted ETHE fund was the only one to see outflows. One silver lining is that yesterday’s outflows were only slightly higher than Tuesday’s. Yesterday, $133.3 million flowed out of the fund, while Tuesday saw $120.3 million flow out.
On Monday, the outflow was still $210 million, and last week the fund shrank by an average of almost $380 million per day. In that respect, it seems that the biggest outflows are behind us. However, it is still too early to say for sure.
Despite a positive result, yesterday was a tough day for BlackRock. With a meager $5 million in inflow, the company had its worst trading day to date, a stark contrast to the $118 million raised on Tuesday.
Bitcoin ETFs also disappoint
The US Bitcoin (BTC) spot ETFs also didn’t have the best day yesterday. Although the funds launched in January didn’t end in the red, it was close.
Data from Farside Investors shows that Bitcoin funds have seen a negligible net inflow of $300,000, marking the lowest inflow since the IPO.
BlackRock’s IBIT fund and Grayscale’s “mini” Bitcoin ETF launched that day were the only ones with inflows, of $21 million and $18 million, respectively.
Grayscale’s new ‘Bitcoin Mini Trust’ is a spin-off of its GBTC fund that is a whopping 10x cheaper at 0.15% fees.
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Source: https://newsbit.nl/ethereum-etfs-vallen-terug-in-oude-negatieve-reeks-met-forse-uitstroom/
