US Ethereum spot ETFs see $133 million outflows one day after strong debut -

US Ethereum spot ETFs see $133 million outflows one day after strong debut

Jul 25, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Spot Ethereum ETF flows turned negative on the second day.
Fidelity’s Ethereum Fund outperformed BlackRock’s Ethereum ETF, which led the first day with over $266 million.

US spot Ethereum exchange-traded funds (ETFs) have seen a decline in net inflows after a strong start with almost $107 million. According to data from Farside Investors, investors withdrew around $133 million from these products on the second day of trading.Fidelity’s Ethereum Fund (FETH) outpaced BlackRock’s iShares Ethereum Trust (ETHA) to become the day’s leader with $74.5 million in net inflows. Meanwhile, BlackRock’s fund took in nearly $17.5 million on Wednesday.

Source: Farside Investors

On the first day of trading, ETHA led the pack with over $266 million. ETHA’s flows and additional inflows from seven other Ethereum ETFs managed to offset massive outflows from Grayscale’s Ethereum ETF (ETHE) on its debut day.However, a similar dynamic did not play out on the second day. Grayscale’s ETHE bled nearly $327 million, bringing the total outflows to $811 million since the fund’s conversion. After the second trading day, ETHE’s assets under management dropped to $8.3 billion, down from $9 billion prior to the debut of spot Ethereum ETFs.

In contrast, the Grayscale Ethereum Mini Trust (ETH), a spinoff of Grayscale’s ETHE, recorded approximately $46 million in inflows. The fund is among the lowest-cost spot Ethereum products in the US market.Bitwise’s Ethereum ETF (ETHW) witnessed over $29 million in net inflows, while VanEck’s Ethereum ETF (ETHV) reported $20 million. Other gains were also seen in Franklin’s EZET and Invesco/Galaxy’s QETH.21Shares’s Core Ethereum ETF (CETH) saw zero flows.