US Spot Ether ETFs Bleed Out Record $152 Million in Net Outflows

The Spot Ether ETFs recorded a net outflow of $152.3 million on Thursday, marking the third day of trading. Farside Investors revealed that ETHE shed 346.2 million on Thursday. However, the other eight Spot Ether ETFs recorded inflows that reduced the net outflows to $152.3 million.

Ethereum ETF Flow (US$ million) - 2024-07-25

TOTAL NET FLOW: -152.4
(Provisional data)

ETHA: 70.9
FETH: 34.3
ETHW: 16.3
CETH: 0
ETHV: 8
QETH: 6.2
EZET: 0
ETHE: -346.2
ETH: 58.1

For all the data & disclaimers visit:https://t.co/HfqQHgwr3Z

- Farside Investors (@FarsideUK) July 26, 2024

BlackRock's ETHA led the inflow list with $70.93 million, while Grayscale's new Ethereum Mini Trust (ETH) recorded inflows of $58.09 million.

Grayscale's ETHE Outflows Effect Reduced by Inflows from Other Spot Ether ETFs

Fidelity's FETH had inflows of $34.32 million, Bitwise's ETHW $16.34 million, VanEck's ETHV $8 million, and Invesco's QETH $6.24 million. Meanwhile, Franklin and 21Shares Spot Ether ETFs did not record outflows or inflows on Thursday.

So, the total trading volume for Spot Ether was approximately $860.8 million. The Ether Spot ETF funds recorded massive trading volumes of $1.05 billion on Tuesday and $944.4 million on Wednesday.

Comparatively, the eleven spot Bitcoin ETFs available in the US recorded $31.16 million inflows on Thursday. BlackRock's IBIT had $70.75 million in net inflows, while Grayscale's GBTC witnessed outflows of $39.59 million.

SoSoValue data reveals that the other Bitcoin ETFs did not record any inflows or outflows on Thursday. The spot Bitcoin ETFs had a total daily trading volume of $1.51, slightly higher than the $1.5 billion attained on Wednesday.

ETF Analyst Shares His Thoughts on Spot Ether and Bitcoin ETF Performance

Bloomberg's senior ETF analyst Eric Balchunas stated that the eight new Ether ETFs are less intense than the Bitcoin ETFs.

The 'New Eight' Ether ETFs not quite as strong as the 'New Nine' bitcoin ETFs in offsetting Grayscale outflows but good news is their inflows/volume is still very healthy, and the intensity of the $ETHE unlock will die down sooner than it did w $GBTC = outlook good but next few... https://t.co/DnOsKsouzP

- Eric Balchunas (@EricBalchunas) July 26, 2024

According to him, the Spot Bitcoin ETFs can easily offset Grayscale's outflows. However, Balchunas believes that Ether Spot ETF inflows and volume are still healthy. He also expects the intensity of the ETHE outflows to reduce soon.

Balchunas noted that the US ETF flows exceeded $500 million on a year-to-date scale. By the end of the summer or earlier, these flows will likely exceed the total for 2022 and 2023.

Apart from Balchunas, BlackRock Head of Digital Assets Robert Mitchnick shared his thoughts on Bitcoin and Ether ETFs in an interview.

Mitchnick believes that Ethereum is a bet on technology innovation around blockchain, while Bitcoin is an emerging global financial alternative.

However, he urged investors to view Bitcoin and Ethereum as complementary, not competitors or substitutes. Mitchnick affirmed BlackRock's long-term focus on quality for its investors in Bitcoin or Ethereum ETF products.

BlackRock Head of Digital Assets Robert Mitchnick discusses BlackRock's iShares Ethereum Trust ETF (ticker ETHA) and says he views Bitcoin and Ethereum as complements, not competitors https://t.co/1rfyjaIUvt pic.twitter.com/7EKrIHkhXd

- Bloomberg TV (@BloombergTV) July 23, 2024

How is Ethereum Faring Today?

ETH's price at 11:31 a.m. EST is $3,255, with a 3.5% increase in the past 24 hours. This implies that the buyers are returning to aid Ethereum's rally.

The asset lost 5.7% of its price gains in the past week due to market volatility and macroeconomic factors.

This volatility is likely linked to the launch of Spot Ether ETFs. According to Crypto analyst Michael van de Poppe, Ether ETFs recorded a net outflow of $180 million in three days.

#Ethereum ETF is live and the price falls substantially.

A net outflow of $180 million after three days due to one reason.

Grayscale's Trust has an outflow of $1.2B after three days. pic.twitter.com/EUhBdzhBuz

- Michael van de Poppe (@CryptoMichNL) July 26, 2024

Grayscale's Trust had an outflow of $1.2 billion within these three days. Ethereum will likely rally in the coming week when Grayscale's outflows fade.

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