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Positive Streak Ends in US Spot Ethereum Exchange Traded Funds (ETFs) as Bitcoin ETFs Recover! Here Are the Details

Positive Streak Ends in US Spot Ethereum Exchange Traded Funds (ETFs) as Bitcoin ETFs Recover! Here Are the Details

BitcoinsistemiBitcoinsistemi2024/08/16 14:54
By:Utku Yanık

U.S. spot Ethereum exchange-traded funds (ETFs) experienced significant net outflows of $39.21 million on Thursday.

U.S. spot Ethereum exchange-traded funds (ETFs) experienced significant net outflows of $39.21 million on Thursday, ending a three-day streak of positive inflows.

Spot Ethereum ETFs End Positive Streak with $39 Million Net Outflow

The outflows were primarily driven by the Grayscale Ethereum Trust (ETHE), which saw $42.52 million outflow from the fund, according to SosoValue data. ETHE was the only spot Ethereum ETF to record outflows on Thursday.

The second-largest spot Ethereum ETF by net assets, Grayscale Ethereum Mini Trust (ETH), saw no inflows on Thursday after seeing a modest $2.26 million net inflow the previous day.

On the other hand, Fidelity’s FETH recorded an inflow of $2.54 million, while BlackRock’s ETHA brought in $770,350. The remaining spot Ethereum ETFs reported no activity.

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In terms of trading volume, the nine Ethereum ETFs saw a total of $240.58 million on Thursday, up significantly from $155.91 million on Wednesday and $190.76 million on Tuesday.

While Ethereum-focused ETFs saw declines, U.S. spot Bitcoin ETFs recorded light inflows of $11.11 million on Thursday, recovering from net outflows of $81.36 million the previous day.

BlackRock's IBIT, the largest spot Bitcoin ETF by net assets, reported no new flows on Thursday after recording inflows of $2.68 million on Wednesday and $34.55 million on Tuesday.

Grayscale’s GBTC continued its upward trend, losing $25.03 million on Thursday and recording its 11th consecutive day of declines.

In comparison, Fidelity’s FBTC led the day’s inflows with $16.25 million, followed by Grayscale Mini Trust with $13.66 million and Bitwise’s BITB with $6.23 million.

The total daily trading volume of these spot Bitcoin ETFs reached $1.79 billion on Thursday, compared to $1.3 billion on Wednesday.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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