Spot Ethereum ETFs See Third Consecutive Day of Decline – ETH Bounces Back Amid Huge Outflows From Spoth ETH ETFs

Ethereum ETFs experienced a total net outflow of $152.3 million, continuing the trend from yesterday.

Written by: Sophia Cruz • Friday, July 26, 2024 • 1 min read

On its third trading day, the nine recently approved spot Ethereum ETFs experienced a total net outflow of $152.3 million, continuing the trend from yesterday.

Spot Ethereum ETFs See Third Consecutive Day of Decline – ETH Bounces Back Amid Huge Outflows From Spoth ETH ETFs

Grayscale Ethereum Trust (ETHE) was the only fund to register outflows, with $346.22 million withdrawn on Thursday, according to data compiled by SosoValue. Inflows into other funds offset this.

BlackRock’s ETHA led the inflows with $70.93 million, followed by Grayscale Ethereum Mini Trust with $58.09 million. Fidelity’s FETH saw inflows of $34.32 million, while Bitwise ETHW attracted $16.34 million.

In addition, VanEck’s ETHV saw $8 million in net inflows, while Invesco’s QETH reported $6.24 million. The two other ETFs, EZET and CETH, managed by Franklin and 21Shares respectively, showed no activity.

Despite the recent outflows, Ether’s price saw a modest increase of 3% over the past day, currently trading around $3,270. This recovery follows a dip to $3,130 the previous day, which experts had anticipated.

Drawing parallels with Bitcoin’s performance after its spot ETF launch, crypto analyst Miles Deutscher noted that BTC experienced a 20% drop within the first 14 days of trading. However, this initial decline was followed by a 91% rally over the next 51 days,

Deutscher suggested that such pullbacks often present valuable buying opportunities for investors. He indicated that ETH’s dip earlier this week could similarly be a temporary setback, potentially leading to significant gains in the near future. Thus, the current level might be seen as a strategic entry point rather than a cause for concern.

At this time of writing, Ethereum (ETH) is trading at $3,245.85 reflecting a 2.20% increase in the past 24 hours. It’s 24-trading volume stands at $20.73 billion.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.