Spot Ethereum ETFs Record Largest-Ever Daily Outflow
Main Idea
Ethereum ETFs experienced a record daily outflow of $465 million on August 4, led by BlackRock's ETHA ETF, despite strong inflows in July and overall positive performance.
Key Points
1. Spot ETH ETFs saw a record daily outflow of $465 million on August 4, with BlackRock's iShares ETH Trust ETF (ETHA) losing approximately $375 million.
2. Fidelity ETH Fund (FETH) and Grayscale's traditional ETH fund also experienced significant outflows of $55.1 million and $28.0 million, respectively.
3. This follows a strong July performance where ETH ETFs recorded $5.4 billion in inflows over 20 days, with BlackRock's ETHA ETF attracting $4.2 billion.
4. Despite the recent outflows, ETH ETFs have still gained a total of $9.02 billion in inflows as of August 4.
5. Spot BTC ETFs also saw outflows of $333 million on the same day, with BlackRock's IBIT experiencing the largest withdrawal of $292 million.
6. ETH's price rose by 2.2% in the last 24 hours to around $3,630, with a 44% increase over the past 30 days.
7. Galaxy CEO Mike Novogratz predicted ETH could outperform BTC and reach the $4,000 level multiple times this year.
Description
Ethereum exchange-traded funds (ETFs) have experienced the largest outflow ever, with the products bleeding $465 million in one day. This movement marks a major reversal from the momentum seen last month in the Ethereum ETF market. Record $465M Daily Outflow According to data from SoSoValue, on August 4, outflows from spot ETH ETFs exceeded $465 million. BlackRock’s iShares ETH Trust ETF (ETHA) recorded the largest negative movement, losing approximately $375 million. The Fidelity ETH Fund (FETH...
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