1 month ago
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Amid the broader crypto market’s slowness, US spot Ether ETFs recorded an outflow of $39.21 million on Thursday.
The week started on a positive note for US spot Ethereum exchange-traded funds (ETFs), but that momentum was short-lived. On August 15, these funds faced significant outflows, with a total of 1,736 ETH, valued at $39.21 million, exiting the market. This marked the end of a three-day streak of positive inflows, as the broader cryptocurrency market struggles to recover from a steep downturn earlier this month.
This outflow follows $4.93 million, $24.3 million, and $10.7 million in net inflow into Ether ETFs on Monday, Tuesday, and Wednesday, respectively.
According to data from SoSoValue, the Grayscale Ethereum Trust (ETHE) was notably affected, seeing an outflow of $42.52 million on Thursday. Notably, it was the only spot Ether ETF to report a decline on Thursday.
Other ETFs showed a mix of results. Fidelity’s FETH saw a modest inflow of $2.54 million, and BlackRock’s ETHA attracted $770,350. Meanwhile, the remaining Ethereum ETFs, including the Grayscale Ethereum Mini Trust (ETH), reported zero flows.
Thursday’s total trading volume across the nine Ethereum ETFs reached $240.58 million, a noticeable increase compared to $155.91 million on Wednesday and $190.76 million on Tuesday.
Long-Term Scenery
Notably, the US Securities and Exchange Commission (SEC) showed the green light to these spot Ether ETFs on July 22, with trading commencing the following day. The products have had a rocky start, recording a cumulative net outflow of $405 million since their launch. In fact, outflows were recorded on 10 out of the 18 trading days so far.
Despite the shaky start, industry experts remain optimistic about the long-term prospects for these funds. A recent forecast from Steno Research suggests that spot Ether ETFs could attract up to $20 billion in net inflows over the next year, driven by growing institutional demand.
At the time of writing, ETH is trading around $2,622, down by over 2.5% in the past week. The cryptocurrency’s price appears stagnant, with little movement in the daily chart.
In related news, on August 14, Ethereum co-founder Vitalik Buterin sold off several animal-themed coins he had received over the past year. The proceeds were used to complete a charitable donation of 200 ETH, valued at $532,000.
Meanwhile, Bitcoin also saw a slight decline, dropping 0.37% over the past 24 hours to trade at $58,161 at the time of writing. On Thursday, spot Bitcoin ETFs in the US experienced moderate inflows of $11.11 million, a significant turnaround from the $81.36 million net outflows recorded the day before. Grayscale’s GBTC was the only fund to report outflows here as well, with $25 million leaving the fund.
