Ethereum

United

BlackRock

<div class="flex flex-grow flex-col max-w-full"> 
 <div class="min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto" dir="auto" data-message-author-role="assistant" data-message-id="c863eee2-9a76-49b8-8889-d9025d40fd73"> 
  <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> 
   <div class="markdown prose w-full break-words dark:prose-invert dark"> 
    <p>The debut of Ethereum exchange-traded funds (ETFs) in the United States marked a notable milestone, with these newly launched funds attracting a net inflow of $106.6 million on their first day of trading. This impressive figure was achieved despite significant outflows from Grayscale’s recently converted Ethereum Trust.</p> 
    <p>Leading the charge were ETFs from BlackRock and Bitwise, with BlackRock’s iShares ETF (ETHA) posting $266.5 million in net inflows and Bitwise’s Ethereum ETF (ETHW) following closely with $204 million. Fidelity’s Ethereum Fund (FETH) secured the third position with $71.3 million in net inflows.</p> 
    <p><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-07/daf93845-b87b-49fd-8042-a7111f96c93e.png" alt="daf93845 b87b 49fd 8042 a7111f96c93e" title="Ethereum ETFs Attract $107m in Inflows on First Day Amid Grayscale Outflows 16"></p> 
    <p>These inflows were sufficient to counterbalance the outflows from Grayscale Ethereum Trust (ETHE), which experienced a withdrawal of $484.9 million on the same day. This outflow represents approximately 5% of the fund, which was once valued at $9 billion.</p> 
    <p>Launched in 2017, ETHE allowed institutional investors to purchase Ethereum (ETH) with a six-month lock-up period on investments. The recent conversion to a spot ETF has facilitated easier share selling for investors, potentially explaining the significant day-one outflows.</p> 
    <p>A similar trend was observed in January when spot Bitcoin ETFs launched. Grayscale’s Bitcoin Trust (GBTC) saw over $17.5 billion in outflows following the introduction of 11 spot BTC funds.</p> 
    <p>In contrast, Grayscale’s Ethereum Mini Trust, a lower-fee spinoff product, reported $15.2 million in new inflows. Franklin Templeton’s fund (EZET) recorded $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.</p> 
    <p><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-07/c72b2bc6-6d6d-475c-a02c-f3e44e9dd5ed.jpeg" alt="c72b2bc6 6d6d 475c a02c f3e44e9dd5ed" title="Ethereum ETFs Attract $107m in Inflows on First Day Amid Grayscale Outflows 17"></p> 
    <p>Collectively, the spot Ether funds generated $1.08 billion in cumulative trading volume on their first day, amounting to 23% of the volume witnessed during the debut of spot Bitcoin ETFs.</p> 
    <p>Despite the positive inflows, the price of Ethereum experienced a slight decline. <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">ETH</a> was trading at $3,451 at the time of publication, reflecting a 1.4% decrease over the last 24 hours and a 1.5% drop over the past week, according to <a href="https://coinmarketcap.com/currencies/ethereum/" rel="nofollow noopener" target="_blank">CoinMarketCap</a> data.</p> 
    <p><img loading="lazy" decoding="async" class="size-full wp-image-46680 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap.png" alt="ETH 1D graph coinmarketcap" width="1200" height="800" title="Ethereum ETFs Attract $107m in Inflows on First Day Amid Grayscale Outflows 18" srcset="https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/07/ETH_1D_graph_coinmarketcap-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></p> 
    <p>The introduction of Ether ETFs received final approval from the U.S. Securities and Exchange Commission (SEC) on July 22, with trading commencing on July 23.</p> 
   </div> 
  </div> 
 </div> 
</div>

Ethereum ETFs Attract $107m in Inflows on First Day Amid Grayscale Outflows

crypto.ro global

Other articles published on Jul 24, 2024

Essential Cryptos to Buy for Best Profits in August

Litecoin (LTC) Set To ‘Wake Up’, According To Legendary Trader’s Forecast

Market Reactions Affect Bitcoin and Ethereum Prices

Dogecoin's First Weekly Golden Cross In Four Years Is '2-3 Green Weeks Away'

Impact on BTC Price and Crypto As Kamala Harris Confirms Bitcoin Conference No-Show

Dogecoin Founder Cements Bet On Billion-Dollar Lawsuit Against CrowdStrike

Join our free newsletter for daily crypto updates!