Yesterday was a good day on the crypto market. The prices of Bitcoin (BTC), Ethereum (ETH) and most other currencies rose nicely. But crypto has not shown itself as well on the traditional stock markets.
Earlier today you could read about the disappointing performance of the Bitcoin spot Exchange-Traded Funds (ETFs), and for the Ethereum ETFs it was even their worst trading day in more than six weeks.
ETH funds lose $77.5 million
The range of Bitcoin funds saw outflows of $247.8 million yesterday, which is in line with previous disappointing results in recent weeks. However, BlackRock does take the majority of the loss, with its largest loss since launch at $332.6 million.
BlackRock’s Ethereum fund, on the other hand, wasn’t hit by net outflows yesterday, but the range of funds did end the day deep in the red
Data from Farside Investors shows that $77.5 million in capital has left the funds. That marks the largest combined outflow since Nov. 19, when the loss was $81.3 million.
Only the funds of crypto asset managers Bitwise and Grayscale ended the day in negative territory. Bitwise’s ETHW fund lost $56.1 million and Grayscale’s ETHE fund lost $21.4 million.
The Ethereum price was around $3,410 early in the morning yesterday, but in the afternoon it almost reached $3,500. However, the price then fell sharply again to the current point of $3,430. However, this is still a lot higher than last Wednesday’s $3,300.
Temporary dip?
The series of Ethereum ETFs launched in July and unlike the Bitcoin ETFs, they have taken a long time to make an impact. After months of frustrating money flows, Donald Trump’s victory in the American presidential elections has provided the much-needed boost.
In November the funds started setting personal records, but in December it was their moment to shine. It was by far their best month yet, with more than $2.6 billion in inflows.
In recent weeks, the ETFs seem to have returned to their old rhythm, but that of course has everything to do with the state of the crypto market. The bull market has been put on pause, and the hope is that Ethereum funds will soon pick up where they left off.
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Source: https://newsbit.nl/ethereum-etfs-beleven-slechtste-handelsdag-in-6-weken/
