Ethereum

Million

Spot

Approved on July 22, the <a href="https://www.coingabbar.com/en/crypto-currency-news/spot-ethereum-etf-approved" title="Spot Ethereum exchange-traded funds (ETFs)" class="f-link" style="font-size: 16px; background-color: rgb(255, 255, 255);" rel="noopener noreferrer nofollow">Spot Ethereum exchange-traded funds (ETFs)</a> showed inconsistent performance. On the second trading day, the spot Ethereum ETF experienced net outflows totaling $113.3 Million, largely due to significant withdrawals from Grayscale’s Ethereum Trust.&nbsp; 
Ethereum was trading at $3,160.65, after an intraday drop of 8.90% with $379,870,939,173 in market cap and $22,327,478,699 in 24-hour volume.&nbsp;
The overall performance of the new ETFs was negatively impacted by substantial outflows from the recently converted Grayscale Ethereum Trust (ETHE), which saw $326.9 Million in withdrawals.
<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc2zhv4rbrii3WcG_bfQNq0YuqFwVVd1O3rWWJXKG2vkJN25oAeU9a0khPYfSbQnvkWZb1ZwHtiwVwHcCCBbu6Vm6AjY2bVKI-pmx6h5r7PFtskePEPpdqDuaSbZg1cLPYcablBxkB3bmwUjAAuoKoc5pFx?key=ve2ZjRBV9njIAscadL_y2w" width="950" height="405">
Source: SoSo Value&nbsp;
Grayscale launched ETHE in 2017, permitting institutional investors to purchase ETH with a six-month lock-up period. Since its transformation to a spot Ether fund on July 22, investors have been able to sell their ETH effortlessly.
In the two days following its conversion, ETHE experienced $811 million in outflows, indicating that investors have sold off just over 9% of the fund’s holdings.
Out of the eight newly launched spot Ethereum ETFs, seven recorded net inflows on the second day. Leading the inflows were the Fidelity Ethereum Fund (FETH) with $74.5 million and the Bitwise Ethereum ETF (BITW) with $29.6 Million.
<h3 id="span-span-data-font-font-size-style-font-size-16px-fidelity-and-grayscale-recorded-highest-inflow-span-span">Fidelity and Grayscale Recorded Highest Inflow</h3>
Grayscale (ETH) and Fidelity Ethereum Fund (FETH) recorded the highest inflow on July 24.
FETH recorded a net inflow of $74.5 Million with $145.78 Million in net cumulative inflow. The issuer is charging 0.25% in fee and holds net assets worth $148.08 Million. At the time of writing, FETH was trading at $33.67.
Grayscale (ETH), alternatively, documented a net inflow of $45.93 Million and a cumulative inflow of $61.08 Million, showcasing investor's trust towards Grayscale. At the time of writing, it was hovering at $3.17 with $1.04 Billion in net assets.&nbsp;
BlackRock’s iShares Ethereum Trust (ETHA), which had the highest inflows on July 23, saw a more modest $17.4 Million in inflows on July 24. Bitwise (ETHW) and VanEck (ETHV) documented a net inflow of $29.64 Million and $19.84 Million, respectively.
Furthermore, 21Shares and <a href="https://www.coingabbar.com/en/crypto-currency-news/spot-solana-etfs-rise-future-outlook" title="VanEck have filed for the Spot Solana ETF" class="f-link" rel="noopener noreferrer nofollow">VanEck have filed for the Spot Solana ETF</a> which is expected to get the green light somewhere in 2025.&nbsp;
<h4>Conclusion&nbsp;</h4>
The second trading day for spot Ethereum ETFs saw significant net outflows of $113.3 Million, primarily driven by large withdrawals from Grayscale’s Ethereum Trust. Despite this, seven out of the eight new ETFs recorded net inflows, with FETH and BITW leading the way. Grayscale and Fidelity demonstrated strong investor confidence with substantial inflows.
Important Note: The cryptocurrency market is highly speculative and volatile, making informed decisions crucial. Coingabbar is a dedicated crypto information marketplace that provides the latest updates on crypto listings crypto airdrops, crypto presales, <a href="https://www.coingabbar.com/en/crypto-blogs-english" title="crypto blogs" class="f-link" rel="noopener noreferrer nofollow">crypto blogs</a>, and crypto news
Also Read: <a href="https://www.coingabbar.com/en/crypto-currency-news/okx-jumpstart-matr1x-max-launch" title="OKX Jumpstart to List Matr1x (MAX) Token on July 29" class="f-link" rel="noopener noreferrer nofollow">OKX Jumpstart to List Matr1x (MAX) Token on July 29</a>

Spot Ethereum ETF Recorded $113.3M Outflows; What’s the Reason?

Table of Contents

Coingabbar

Other articles published on Jul 25, 2024

Ethereum Foundation Wallet Reactivates with 92K ETH Transfer After 7 Years

Worldcoin Denies Insider Trading Allegations Amid Token Unlock Delay and Price Surge

Bitcoin mining – Canada’s tribunal strikes down Bitfarms’ ‘poison pill’ strategy

How Modular Tech Stacks Could Improve The Web 3 Gaming Development Ecosystem

Is Dogecoin Really Moving 'According To Plan?' Prominent Analyst Claims: 'I Haven't Sold One Sing...

Bitcoin ETF Inflows Resume But Ethereum ETF Loses $133M

Join our free newsletter for daily crypto updates!