Ethereum ETFs have worst day ever: almost half a billion dollars away

In July, Ethereum (ETH) was still a huge rise. The digital currency reached a local peak of 3,930 euros, after it was only worth around $ 1,800 in May.

The month of August, however, we started with a considerable correction and that can also be seen at the American spot Exchange-Traded Funds (ETFs). Yesterday was their worst trading day since the launch of just over a year ago.

Abrupt einde ETH-rally

Data from Farside shows that yesterday there was 465.1 million dollars from the ETH funds. This is the biggest daily outflow of Ethereum ETFs so far. The biggest loser is the Ishares Ethereum Trust ETF of asset manager BlackRock, who recorded an outflow of no less than 375 million dollars. In addition, only Fidelity and Grayscale saw losing, of $ 55.1 and $ 7 million respectively.

In the meantime, the Ethereum ETFs have been noted two days in a row. This puts an end to the longest series of incomes that we have seen so far. Since July there have been twenty trading days in a row with net flows. In addition, we also saw the biggest inflow in that month in a single day. On July 16, no less than $ 726.6 million flowed towards the ETFs.

The outflows are accompanied by a negative sentiment on the cryptomarket. On August 2, the ETH race reached a low point of less than 3,400 dollars, after a decrease of almost 13 percent. In the meantime, the digital currency has been slightly recovered and is currently at a value of $ 3,630.

Bitcoin also sees losses

With the Bitcoin (BTC) spot ETFs it is also a negative story. Remarkably, the outflow of yesterday was slightly lower. 323.5 million dollars flowed from the BTC funds. On Friday, the funds recorded even greater losses of $ 812.3 million.

BTC therefore also does not escape the negative market sentiment. Pessimism is largely due to Donald Trump, who again causes uncertainty by announcing new import duties. For example, countries that have not reached a trade agreement now have to deal with rates of 40 percent.