Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
- Ethereum (ETH) slumped more than 8% after the US spot Ethereum exchange-traded funds saw over $133 million in outflows in the second day of trading.
- Ether price fell on Thursday amid the outflows, reaching lows of $3,156 across major exchanges.
Spot Ether ETFs outflows
The new ETFs cumulatively posted over $106 million in inflows on day one, which incidentally remained green despite more than $484 million exiting the Grayscale’s Ethereum Trust (ETHE). But on day two, the total outflows of $326.9 million from ETHE outpaced the total inflows, resulting in net outflows of $133.3 million.
Per data on SosoValue, ETHE has seen two-day outflows race to over $810 million, which has the converted fund’s net assets as of writing at $8.04 billion.
Performance wise for the other spot Ether ETFs, the second day of trading saw Fidelity’s FETH record the most inflows at $74.5 million. This was slightly lower than the $71.3 million investors put into FETH on July 23.
📈 ETH ETFs saw a massive $106.78M inflow on day 1. What a kickoff!
Stay on top of the latest ETF trends with SoSoValue's comprehensive ETH ETF dashboard.#ETHETF #EthereumETF https://t.co/xsAJlcx3qB
— SoSoValue (@SoSoValueCrypto) July 24, 2024
Meanwhile, Bitwise saw $29.6 million flow into its BITW on day two, down from $204 million seen a day earlier. BlackRock’s ETHA, which stormed out of the gate with over $266 million in inflows on debut, recorded just $17.4 million on July 24.
The outflows have seen total net assets in the spot Ether ETFs drop slightly from over $10.2 billion on Jlu 23 to around $9.54 billion as of the end of trading day July 24. Overall, this accounts for about 2.35% of the total market cap of Ethereum.
Crypto liquidations hit $290 million
ETH price currently hovers around $3,179, about 8% down in the past 24 hours. The altcoin’s price has dropped nearly 6% in the past month.
With Ethereum struggling after the ETF launch and Mt. Gox repayments weighing down Bitcoin, the total crypto market cap has declined 4% in 24 hours. Meanwhile, total crypto liquidations after the sharp decreases for ETH and BTC reached $290 million early Thursday.
Of these, Coinglass data shows $262 million are longs, with Ethereum accounting for over $98 million and Bitcoin $72 million in liquidated bullish bets.
The post ETH falls amid $133 million spot Ethereum ETFs outflows appeared first on CoinJournal.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.