Ethereum ETFs continued to record strong outflows in the trading session on July 26 (US time), with a value of 162.7 million USD.
Ethereum ETF recorded outflow of 341.8 million USD in the first week of trading
According to data from SpotOnChain , Ethereum spot ETFs that were just allowed by the SEC to open trading earlier this week ended the trading day on July 26 (US time) with an outflow of up to 162.7 million USD, the highest since before now.
With the outflow mainly coming from Grayscale's ETHE fund with 356.3 million USD, the amount of inflow coming from the remaining funds is not enough to help the Ethereum ETF close its first trading week on a green note.
Statistics on inflow/outflow of US Ethereum ETF funds. Source: SpotOnChain (July 27, 2024)
Similar to Bitcoin ETFs in the early days of trading, the reason the Ethereum ETF's outflow is so high is because investors are converting from the pre-existing ETHE product and has an annual management fee of up to 2.5% to new names with lower fees.
Information on Ethereum ETF proposals approved by the SEC. Source: Bloomberg (July 19, 2024)
Observers believe that with the current rate of Capital withdrawal, it will take another 3-4 weeks for the selling pressure from ETHE to stabilize.
ETH price in the past week was sometimes adjusted to 3,087 USD and only regained half of what was lost, unlike Bitcoin which returned to the old price range.
1h chart of the ETH/ USDT pair on Binance at 12:20 PM on July 27, 2024
Meanwhile, Bitcoin ETFs had another successful trading week, with total inflow for the week of $535.3 million. However, this number has decreased by half compared to the inflow levels of more than 1 billion USD two weeks earlier.
Statistics on inflow/outflow of US Bitcoin ETF funds. Source: SpotOnChain (July 27, 2024)
Last week, BTC also broke the chain of 12 consecutive days of cash inflow, contributing to the Bitcoin price on the morning of July 25 having a strong correction to 63,400 USD because of information about Kraken and Bitstamp exchanges returning BTC to investors. invest Mt. Gox .
However, BTC at the time of writing has recovered strongly to above 68,200 USD thanks to the optimism of the investment community ahead of former US President Donald Trump's speech at the Bitcoin 2024 Conference this Saturday.
1h chart of the BTC/ USDT pair on Binance at 12:20 PM on July 27, 2024
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