Ethereum ETF Outflows Hit $170M In A Week, What’s Next For ETH?
The post Ethereum ETF Outflows Hit $170M In A Week, What’s Next For ETH? appeared on BitcoinEthereumNews.com.
In a turbulent week for the newly launched Spot Ethereum ETFs, the market witnessed significant outflows totaling $169.4 million. This period was marked by a series of substantial daily fluctuations in ETF flows, painting a complex picture for investors and analysts alike. Despite recent bullish signs from whale activity, ETH price has continued a downward trend. Spot Ethereum ETF Weekly Flows Ether ETFs began the week on a negative note, recording outflows of $98.3 million. Grayscale’s ETHE led the exodus with $210 million in outflows. Conversely, BlackRock, Fidelity, and Bitwise bucked the trend, attracting inflows of $58.2 million, $24.8 million, and $10.4 million, respectively. Thus, the overall sentiment on Monday set a bearish tone for the week. The second trading day on Tuesday, July 30, saw a rare positive turn for ETH ETFs, with inflows amounting to $33.7 million. This marked only the second instance of positive inflows since the ETFs’ launch. BlackRock led the way with a substantial $118 million in inflows, followed by Fidelity with $16.4 million. However, Grayscale’s ETHE continued to suffer, recording $120.3 million in outflows. This mixed bag indicated a cautious optimism in the market. Midweek, on July 31, the bearish sentiment resurfaced, with Ethereum ETFs facing another $77.2 million in outflows. Grayscale’s ETHE again led the negative trend with $133.3 million in outflows. Despite the overall downturn, BlackRock’s ETHA ETF managed to attract $5 million, and Fidelity’s FETH ETF saw $18.8 million in inflows. However, Thursday brought a glimmer of hope as Ethereum ETFs recorded their third positive day with $26.7 million in inflows. BlackRock continued its positive streak, drawing $89.6 million, while Fidelity added $11.7 million. Despite these gains, Grayscale’s ETHE saw $78 million in outflows, crossing the $2 billion outflow mark since its inception on July 23. Nonetheless, the week closed with…
Filed under: News - @ August 5, 2024 2:26 am