On its second day of trading, the US-based spot Ethereum ETFs performed worse than the first day as they registered a net outflow of $113.3 million.
Despite the negative results, out of the 8 newly launched ETFs, as many as 7 registered net inflows with Fidelity’s FETH and Bitwise’s BITW topping the inflows with $74.5 million and $29.6 million respectively. BlackRock’s ETHA attracted $17.4 million.
The overall negative outflows were largely due to significant sales from the recently converted Grayscale Ethereum Trust (ETHE), which saw outflows of $326.9 million.
Grayscale’s ETHE, launched more than seven years ago, allowed institutional investors to buy ETH but imposed a six-month lock-in period on investments.
Since its conversion to a spot ETF, investors can sell their ETH more freely.
In the two days following its conversion, ETHE suffered outflows of $811 million, with existing investors selling just under 10% of the fund’s holdings.
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