The post A Historic First for Ethereum Spot ETFs: Could Be a Turning Point appeared on BitcoinEthereumNews.com.

According to the data, a total net outflow of $0 was recorded on August 30 for the first time since the launch of US Ethereum spot ETFs. This coincided with a daily net outflow of $0 from the Grayscale Ethereum Trust ETF ETHE, which saw historical net outflows of $2.56 billion. Previously, Ethereum spot ETFs were constantly seeing net outflows. The main reason for this was that the assets in ETHE, which was previously a trust and converted into an ETF, withdrew their assets due to high transaction fees. Currently, the total net asset value of Ethereum Spot ETF is $6.97 billion, and the historical cumulative net outflow has reached $477 million. The net asset ratio, which represents the market value of ETH ETFs as a percentage of Ethereum’s total market value, is at 2.3%. Although Bitcoin Spot ETFs, which were approved at the end of January, made a splash and caused the BTC price to rise, Ethereum Spot ETFs have not yet seen such an effect. On the other hand, the fact that the staking feature is not available in ETH ETFs may have prevented them from becoming more popular with users. Users may be hoping to make more profit by staking their ETH instead. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/a-historic-first-for-ethereum-spot-etfs-could-be-a-turning-point/

---

Filed under: News - @ September 1, 2024 9:11 am