Ethereum Spot ETF Continues Massive Outflows, Led by Grayscale’s ETHE
On July 29, Ethereum Exchange Traded Funds (ETFs) in the United States experienced a net outflow of $98.29 million, extending their losing streak to four consecutive days.
The newly launched spot Ethereum spot ETF in the United States recorded a net outflow of $98.29 million on July 29, stretching its bleeding streak to four days. The nine-spot Ethereum ETFs, launched for trading on July 23, have witnessed a negative flow streak led by massive outflows recorded in one of the products.
Grayscale Ethereum Trust (ETHE) was the only ETF to witness an outflow, with a staggering $210 million leaving the fund. This ETF is responsible for the four-day outflow streak by the nine Ethereum ETFs due to the millions in funds that have outflowed from it since the day of launch. Aside from the outflow from Grayscale’s ETHE, some of the other ETFs recorded inflows, although it wasn’t enough to offset the deficit of the collective ETFs.
Blackrock’s ETHA led the pack, recording an inflow of $58.2 million. Second place went to Fidelity’s FETH, which recorded an inflow of $24.8 million. VanEck ETHV and Bitwise ETHW also recorded net inflows of $10.91 million and $10.45 million, respectively. Grayscale Ethereum Mini Trust recorded $4.9 million in net inflows, while Franklin’s EZET recorded $2.52 million.
The remaining two ETFs, which include Invesco Galaxy and 21 shares ETF, had no activity for the day. According to Data from Soso Value, the total trading volume for the nine spot ether ETFs on July 29 was $773.01 million, compared to $933.86 million on Friday and $955.85 million on Thursday.
Meanwhile, the 11 spot bitcoin ETFs outperformed their Ethereum counterpart, pulling in $124.13 million in net inflows on July 29. Blackrock’s IBIT led the way with a net inflow of $205.6 million, the only ETF to record daily inflows. Grayscale’s BTC saw an outflow of $54.29 million, followed by Bitwise BITB, which recorded a net outflow of $21.3 million. Finally, Fidelity FBTC recorded an outflow of $5.89 million, while other ETFs recorded no activity.
Ethereum spot ETF as of July 30.
As of July 30, Ethereum is exchanging hands for $3,336, down 1.3% in the last 24 hours, with a price of $3,387. Ethereum is currently 31.6% down from its all-time high of $4,878 in November 2021.
However, some analysts have noted that the Ethereum ETFs slightly outperformed expectations. The ETFs were launched for trading on July 23, ending a July 23 approval process between the potential Ethereum ETF issuers and the United States SEC.
