U.S. Spot Ethereum ETFs See $133.16 Million Outflow on Second Day of Trading

On Wednesday, the nine U.S. spot Ethereum exchange-traded funds (ETFs) saw a significant shift, experiencing $133.16 million in net outflows, reversing the positive flows from their first trading day on Tuesday. According to data from SosoValue, the Grayscale Ethereum Trust (ETHE) was the only ether fund to log outflows, with a substantial $326.86 million in net outflows.

Conversely, Fidelity’s FETH led the inflow group with $74.46 million, followed by Grayscale Ethereum Mini Trust with $45.93 million, Bitwise ETHW with $29.64 million, and VanEck ETHV with $19.84 million in net inflows. BlackRock’s ETHA recorded $17.44 million in net inflows, a significant drop from Tuesday’s $266.55 million inflows.

Enigmatic $4.5 Million Ether Burn Baffles Ethereum Community
Enigmatic $4.5 Million Ether Burn Baffles Ethereum Community

Overall, the spot ether ETFs generated approximately $951 million in trading volume on Wednesday, down from $1.05 billion on their first day of trading, as per Yahoo Finance data compiled by The Block Pro Research. The funds collectively saw $106.78 million in net inflows on Tuesday.

Meanwhile, spot Bitcoin ETFs in the U.S. recorded about $44.51 million in inflows on Wednesday. Grayscale’s GBTC was the sole bitcoin ETF to experience outflows, with $26.22 million in net outflows. BlackRock’s IBIT led the inflows with $65.99 million, followed by Ark and 21Shares ARKB with $3.29 million and Fidelity FBTC with $1.44 million in net inflows.

Ether saw a decline of 8.24% over the past 24 hours, trading around $3,158 at the time of writing, according to The Block’s price page. Bitcoin also dropped by 3%, trading at $63,901, as investors weighed the impact of Mt. Gox’s recent transfers and broader macroeconomic developments.

The U.S. stock market also registered multi-week lows on Wednesday, with the Nasdaq Composite index closing down 3.6%, marking its worst day since October 2022. The S&P 500 index fell 2.3%, experiencing its worst day since December 2022.

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Nicholas Edwards
Nicholas Edwards

Nicholas Edwards is a passionate writer with a keen interest in sports and business news. With a knack for delivering insightful and engaging content, Nicholas keeps his finger on the pulse of the latest developments in these dynamic fields. His enthusiasm for both sports and business shines through in his writing, making complex topics accessible to a wide audience. Whether it's dissecting the latest game-changing play or analyzing market trends, Nicholas brings a fresh perspective and a wealth of knowledge to his articles. Email @ admin@bollywoodfever.co.in

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