Grayscale's two largest funds trading on U.S. exchanges, GBTC and ETHE, both suffered substantial net outflows on Monday.
However, underlying asset prices have remained stable and even managed to record some small gains over the past 24 hours.
ethereum ETFs in a bad situation
Cryptopotato has repeatedly reported a lack of real demand and interest in spot ethereum ETFs since they went live in July this year. Not only have they failed to attract significant inflows, but their overall numbers are in the red, with even BlackRock’s billion-dollar product failing to offset losses from Grayscale’s privately-converted publicly traded fund.
In fact, ETHE has been in the red for almost its entire existence. Of the 44 trading days since its launch in July, ETHE has seen net outflows on 38 and no inflows on the remaining six.
Last Thursday and Friday, all ethereum ETFs had slightly positive results, with minor net inflows of $5.2 million and $2.9 million, respectively. ETHE did not see any withdrawals during either of those days, but the picture changed yesterday, when investors withdrew $80.6 million from the fund.
Total net outflows ethereum-etf-flow-all-data/” data-wpel-link=”external” target=”_blank”>remained with $79.3 million, the highest level since July 29, as Bitwise’s ETHW saw inflows of $1.3 million.
Interestingly, the price of eth was not affected by Monday's big drop. The second-largest cryptocurrency recorded a four-week high of almost $2,700 yesterday after having risen 14% last week.
bitcoin ETFs remain in the green
Grayscale’s largest bitcoin fund, GBTC, also saw notable withdrawals yesterday, with $40.3 million removed. However, its smaller fund, btc, as well as BlackRock’s IBIT and Fidelity’s FBTC, managed to offset the losses.
The largest bitcoin ETF attracted $11.5 million in net inflows, with btc recording $8.4 million and FBTC leading the way with $24.9 million. As a result, the final figure for the day for all spot bitcoin ETFs was slightly positive at $4.5 million.
bitcoin’s price has been relatively sluggish on a daily scale, but it has gained 7.5% over the past week. As a result, it is now trading around $63,500, with experts and analysts speculating about a massive rally coming, which you can read more about here.
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