Nine Ether ETFs from Eight Issuers Hit the Market
Blackrock's ETHA led with impressive net inflows of $266.55M, followed by Bitwise's ETHW, which saw $204M in net inflows
July 24, 2024 11:35 AM
Reading time: 1 minute, 42 seconds
TL;DR Nine different ether ETFs from eight issuers began trading on Tuesday. The Grayscale Ethereum Trust saw significant outflows, while Blackrock's ETHA led in inflows. Spot bitcoin ETFs experienced net outflows, ending a positive streak.
Ether ETFs Launch with a Bang
Yesterday was a significant day for the cryptocurrency market as nine different ether ETFs from eight issuers began trading. This event marks a new chapter in the trading of Ethereum-based financial products. Investors had a variety of options to choose from, making it an exciting day for market participants.
Blackrock's ETHA Leads Inflows
Among the new ETFs, Blackrock's ETHA led with impressive net inflows of $266.55 million. This was followed by Bitwise's ETHW, which saw $204 million in net inflows.
Fidelity's FETH also made a strong showing with $71.31 million. Even Grayscale's Ethereum Mini Trust saw a positive reception, logging $15.15 million in net inflows.
In contrast, the Grayscale Ethereum Trust (ETHE) experienced significant outflows, with $484.1 million leaving the fund. This was the only new fund to log outflows. According to SosoValue data, the total trading volume for these nine ether ETFs amounted to $1.05 billion, illustrating the high level of investor interest.
"These spot Ethereum ETFs have already amassed over $10 billion in assets under management," SosoValue data shows.
Bitcoin ETFs See Net Outflows
While Ethereum ETFs saw a flurry of activity, spot bitcoin ETFs in the U.S. experienced a different trend. Data from SosoValue showed that $77.97 million flowed out of these funds on Tuesday, ending a 12-day streak of positive inflows for bitcoin ETFs.
Bitwise's BITB recorded the most significant net outflows among the bitcoin ETFs, with $70.32 million leaving the fund. Following close behind were Ark and 21Shares' ARKB with $52.29 million and Grayscale's GBTC with $27.31 million in net outflows.
Market Dynamics and Investor Behavior
The contrasting fortunes of ether and bitcoin ETFs highlight the dynamic nature of cryptocurrency markets.
After launching these new ETFs, investors are shifting their focus towards Ethereum-based products. The influx of funds into ether ETFs and the outflows from bitcoin ETFs reflect changing investor sentiment and market strategies.
Overall, the debut of these ether ETFs marks a pivotal moment for Ethereum and the broader cryptocurrency market. The high trading volumes and substantial inflows signal strong investor interest and confidence in Ethereum's prospects.
