Spot Ether ETFs See Two-Day Outflows Race to Over $810 Million

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).

Cryptocurrency Spot Ether ETFs

The long-awaited launch of spot Ether exchange-traded funds (ETFs) saw mixed results on day two with inflows into the new funds being outpaced by outflows from Grayscale’s Ethereum Trust (ETHE).

According to data from ETF Flows, the four spot Ether ETFs launched on Wednesday attracted a combined $106.1 million in inflows on day one. This included $71.3 million for Fidelity’s FETH, $204 million for Bitwise’s BITW, $266.1 million for BlackRock’s ETHA and $17.4 million for Global X’s ETHP.

However, outflows from ETHE, which amounted to $326.9 million on day two, outstripped the total inflows into the spot Ether ETFs, resulting in net outflows of $133.3 million.

Over the two days, outflows from ETHE reached $810.9 million, leaving the fund’s net asset value at $8.04 billion at the time of writing.

Among the spot Ether ETFs, Fidelity’s FETH saw the highest inflows on day two, with $74.5 million entering the fund. This was followed by Bitwise’s BITW, which attracted $29.6 million in inflows, and BlackRock’s ETHA, which saw $17.4 million in inflows.

Global X’s ETHP saw minimal inflows of $100,000 on day two, bringing its total inflows over the two days to $17.4 million.

The outflows from ETHE led to a slight decrease in the total net asset value of the spot Ether ETFs, which dropped from $10.2 billion at the end of day one to $9.54 billion at the end of day two.

Overall, the four spot Ether ETFs now account for about 2.35% of the total market capitalization of Ethereum.

Meanwhile, crypto liquidations hit $290 million as ETH, BTC struggle after ETF launch, Mt. Gox repayments

With Ethereum struggling in the wake of the ETF launch and Mt. Gox repayments continuing to put pressure on Bitcoin, the total cryptocurrency market cap fell 4% in 24 hours.

After the sharp drops for ETH and BTC, total crypto liquidations reached $290 million early Thursday, according to data from Coinglass.

Out of the total, $262 million were longs, including over $98 million in ETH and $72 million in BTC in liquidated bullish bets.

On the other hand, short liquidations amounted to $28 million, with $10 million in ETH and $9 million in BTC in liquidated bearish positions.

The majority of the crypto liquidations were concentrated on Binance, followed by Bybit and Deribit.

At the time of writing, ETH price hovered around $3,179, indicating a decline of nearly 8% in the past 24 hours. The altcoin’s price has also dropped nearly 6% in the past month.

After the debut of spot Ether ETFs and Mt. Gox repayments, ETH price has struggled to maintain momentum, while BTC’s price slipped below $71,000.