US Spot Ethereum ETFs Mark the Biggest Net Outflows Since Late July

On Monday, the US spot Ethereum ETFs recorded $79.2 million in net outflow, their largest since late July.

Grayscale's Ethereum ETF, ETHE, led the negative flows with net outflows of $80.5 million. The spot Ether ETFs recorded a significant daily trade volume of $167.35 million amid the large outflows.

Meanwhile, spot Bitcoin ETFs witnessed cumulative inflows of about$4.5 million on the same day.

Spot Ethereum-Based ETFs Record Net Outflows of $79.2 million

The overall outlook for the US spot Ethereum-based ETFs got more bearish with increased negative flows on Monday, September 23. According to data from SoSoValue, the ETFs posted net outflows of $79.2 million, marking the ETFs' largest negative flows since July 29.

Grayscale Ethereum Trust ETF, ETHE, led the negative flows with $80.55 million, its largest net outflow since July 31. Moreover, ETHE was the only fund to record negative daily flows.

Conversely, the only positive flows for the day came from Bitwise's ETHW, which posted $1.33 in net inflows. The accumulation brought ETHW's total net inflows to $320.3 million. The remaining ETFs, including BlackRock's ETHA and Fidelity's FETH, recorded zero daily net flows.

Despite their large net outflows, US spot ETH ETFs saw an impressive daily trade volume of $167.35 million. As of September 23, the ETFs have net outflows of $686.9 million.

Bitcoin ETFs Record Three-day Inflow Streak as BTC and ETH Prices Show Strong Rebound

US spot Bitcoin ETFs posted positive net flows on Monday, amassing about $4.56 million in inflows. This marks their three consecutive days of net inflow streak.

Fidelity's FBTC pioneered the positive flows with net inflows of $24.93 million, bringing its total value to $9.80 billion as of September 23.

BlackRock's IBIT followed with net inflows of $11.54 million on Monday. As of September 23, the product remains the largest US spot Bitcoin ETF with net inflows of $20.93 billion.

Grayscale's Mini Trust (BTC) trailed closely behind IBIT with $8.42 million in net inflows. Its sister fund, GBTC, was the only ETF with negative flows amounting to $40.33 million. The remaining ETFs recorded zero net flows for the day.

All the spot Bitcoin ETFs saw a cumulative daily trade volume of $949.72 million on Monday, up from $980.57 million last Friday. As of September 23, thefunds boast net inflows of $17.70 billion.

The broader crypto market has recovered significantly over the past few days following favorable macroeconomic factors. Bitcoin and Ethereum prices rebounded strongly, with BTC surpassing $64,000 on Monday, while ETH breached the $2,600 threshold.

BTC and Ether have recovered over 5% and 11% within the past seven days, respectively. Bitcoin trades at $62,851, while Ether's price hovers around $2,601.

The key driver of this bullish sentiment is the recent US Federal Reserve's rate cut. Last Wednesday, the Fedloweredinterest rates by 50 basis points, sparking a price surge in the crypto market.

Also, the Bank of Japan's decision to steady interest rates is favorable for both the global financial and crypto markets.

BOJ keeps interest rates steady, sticks to upbeat economic view https://t.co/VJ2LEHIzd7

- Salem News Channel (@WatchSalemNews) September 20, 2024

The post US Spot Ethereum ETFs Mark the Biggest Net Outflows Since Late July appeared first on The Tech Report.