Ethereum ETFs Experience Significan Outflows as ETH Price Struggles
25.07.2024 15:06 1 min. read Alexander Stefanov
Ethereum fell below $3,200 earlier today as recent ETH exchange-traded funds (ETFs) experienced significant outflows.
Over the past 24 hours, other major cryptocurrencies, such as Bitcoin and Solana, also saw declines.
Ethereum’s price dropped by over 8%, bringing it down to around $3,160, while Bitcoin decreased by 3.4% in the same timeframe. Overall, the crypto market’s total capitalization fell by more than 4.42%, reaching $2.31 trillion.
The outflow from ETH ETFs was substantial, with $133 million leaving the market on July 24, despite a total trading volume of $1.05 billion. Grayscale ETH Trust ETF (ETHE) saw $327 million in outflows, while its mini ETF experienced a $46 million inflow.
Fidelity’s Ethereum ETF (FETH) led the inflows with $74.4 million, and Bitwise Ethereum ETF (ETHW) had an inflow of $29.64 million. The total net asset value of ETH spot ETFs was $9.54 billion.
The impact of these new investment products has been notable, with ETH’s price down 16% over the past 60 days. As of now, ETH trades at approximately $3,172, with a 24-hour trading volume of $22.2 billion.
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