Significant Outflows Impact US Ethereum ETFs
- Total outflows: $79.21 million on Monday, the highest since July.
- Grayscale Ethereum Trust (ETHE) outflow: $80.55 million.
- Spot Bitcoin ETFs inflow: $4.56 million, led by Fidelity’s FBTC.
On Monday, US spot Ethereum ETFs were hit with their largest daily outflows since the end of July, totaling $79.21 million. This decline was largely attributed to the Grayscale Ethereum Trust (ETHE), which faced an outflow of $80.55 million—the most considerable outflow since July 31.
Analysis of ETF Performance
ETHE’s Performance
As reported by Sosovalue, ETHE was the only spot Ethereum ETF to register outflows on that day, underscoring a tough landscape for this asset category.
Other Ethereum ETFs
Conversely, Bitwise’s ETHW managed a slight inflow of $1.34 million, while the remaining seven Ethereum spot ETFs showed no significant movement.
Trading Volume Insights
The overall trading volume for the nine Ethereum ETFs was recorded at $167.35 million, an increase from $139.47 million the preceding Friday. This rise in trading volume indicates ongoing investor engagement despite the notable outflows.
Spot Bitcoin ETFs Showing Resilience
In a contrasting trend, spot Bitcoin ETFs recorded modest inflows of $4.56 million on the same day. This marks a consistent three-day inflow streak, primarily fueled by Fidelity’s FBTC, which attracted $24.93 million. Notably, BlackRock’s IBIT, the largest Bitcoin ETF by net assets, saw inflows of $11.54 million.
Grayscale Bitcoin Trust Update
However, Grayscale’s Bitcoin Trust (GBTC) faced challenges with a $40.33 million outflow, making it the only Bitcoin ETF in the red on that day.
Market Outlook
As the volatility of the cryptocurrency market continues, Bitcoin saw a decline of 1.1%, settling around $63,122, while Ether dropped 1.32% to approximately $2,627. These recent trends emphasize the unpredictable nature of digital asset investments, prompting investors to closely monitor the unfolding developments in the coming days.