The nine freshly approved spot Ethereum Exchange Traded Funds in the United States recorded a net outflow of $152.3$ million on its third day of trading signifying a slight increase in outflow from the previous day.
The Spot Ethereum ETFs hit a cumulative trading volume of $951 million with a net outflow of $133 million on its second day of trading surprising analysts who compared the performance to that of Bitcoin’s ETFs.
On the Third day, the spot Ethereum ETFs recorded a net outflow of $152 million with a cumulative trading volume of about $860 million.
For the inflows on the third day of trading, BlackRock’s ETHA recorded the highest inflow with a total of $70.93 million in net inflows. Grayscale Ethereum Mini Trust occupied the second position, which saw an inflow of $58.09.
Next was Fidelity FETH’s $34.32 million and Bitwise ETHW’s $16.34 million in net inflows. VanEck ETHV also recorded $8 million in net inflows, while Invesco’s QETH logged $6.24 million in net inflows.
The remaining two Ethereum ETFs managed by 21Shares and Franklin recorded zero flows for the day.
The most significant event of the day was recorded in the Outflows category. Grayscale Ethereum Trust (ETHE) recorded a staggering outflow of $346.22 million for the day. Grayscale Ethereum Trust (ETHE) was the only Ethereum ETF to record an outflow for the day.
In Trading volumes, the Nine Ethereum ETFs witnessed a slight fall on the third day of trading recording only about $860 million in cumulative trading.
The funds saw trading volumes of $1.05 billion on its debut day of trading and $944.6 million on the second day. This reveals that the cumulative trading volume has been dropping since the debut day of trading.
Spot Bitcoin ETFs continue inflow streak
On the side of the spot Bitcoin ETFs, the 11 financial products recorded a net inflow of $31.6 million on Thursday after pulling in $44.51 million the previous day.
The activity on the Bitcoin ETFs has reduced given that they have been around for a while now. Only two ETF products recorded activities.
Blackrock’s IBIT recorded a net inflow of $70.75 million while Grayscales GBTC saw $39.59 million in Outflows. Other Bitcoin ETF products recorded zero activity.
What to Know
- The nine-spot Ethereum ETFs were launched for trading on Tuesday, July 23 by the United States Securities and Exchange Commission Under Gary Gensler. The launch put an end to an eight-month approval process that witnessed many back-and-forth between the US SEC and the potential spot Ethereum ETF issuers.
- After the successful launching of Bitcoin and Ethereum ETFs, there are rumors of a proposed Solana ETF being in the pipeline as crypto-assets continue to gain adoption by traditional financial institutions.