Thomas Daniels
Spot Ethereum exchange-traded funds (ETFs) recorded a significant net outflow on their second trading day in the United States. According to Farside Investors, these funds saw a net outflow of $133.3 million on Wednesday, July 24, marking a sharp reversal from their first day of trading.
Notably, the Grayscale Ethereum Trust (ETHE) alone experienced a substantial outflow of $326.9 million, contributing heavily to the overall decline. In contrast, other spot ETH ETFs had reported a combined trading volume exceeding $1 billion and net inflows of $106.6 million on their initial day.
Further data from Farside Investors indicated that ETHE’s total outflows amounted to $811 million over the past two days. The Grayscale Ethereum Mini Trust (ETH), however, recorded inflows of $45.9 million on July 24 and $15.1 million on July 23. The Fidelity Advantage Ether ETF (FETH) led the inflows with $74.5 million.
Other notable ETFs included the WisdomTree Physical Ethereum Securities ETP (ETHW) and VanEck Ethereum ETF (ETHV), which reported inflows of $29.6 million and $19.8 million, respectively. Additionally, BlackRock’s iShares Ethereum Trust ETF (ETHA) saw inflows of $17.4 million on the same day, totaling $266.5 million since July 23.
The Franklin Ethereum ETF Fund (EZET) and Invesco’s Ether Fund (QETH) recorded smaller inflows of $3.9 million and $2.5 million, respectively. The 21Shares Core Ethereum ETF (CETH) remained neutral as the market sentiment turned bearish.
These outflows coincided with a 7.6% drop in Ethereum’s price, which currently stands at $3,180. The cryptocurrency’s market cap is approximately $382 billion, with a daily trading volume of $21.3 billion. The broader cryptocurrency market also reflected this bearish trend, with global market capitalization decreasing by 3.4% to $2.43 trillion, according to CoinGecko.
