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Title: Three ETF Products Lose $79.4 Million as Ethereum ETFs Pull in Only $2.5 Million
A staggering loss of $79.4 million was recorded by three out of nine existing Ethereum ETF products yesterday, leaving the Ethereum ETFs with a paltry balance sheet of just $2.5 million. This shocking figure comes as a major blow to investors who have been pinning their hopes on these funds.
According to recent reports, Grayscale’s ETHE, Grayscale’s ETH, and Bitwise’s ETHW were the three products that recorded significant outflows, with losses totaling $49.2 million, $15.6 million, and $14.6 million respectively. In stark contrast, Blackrock’s ETHA was the only product to register an inflow of $81.9 million.
The bleak picture is further complicated by the fact that Ethereum ETFs have been severely underperforming compared to Bitcoin ETFs. A senior executive at BlackRock has attributed this disparity to the difficulties encountered in educating clients about the complexities of the Ethereum ecosystem, which he deemed “a lot more complex” and having a “high barrier of understanding,” thus hindering its adoption.
Meanwhile, data from Soso Value reveals that 642 Ethereum crypto assets were traded during the day’s trading hours. As a result, Ethereum’s current price stands at $3,676, with a 4.8% decline over the past 24 hours. The asset has struggled to surpass its three-year all-time high and is currently down by 24.5% from that peak.
The data also reveals that the cumulative total net inflow for the nine Ethereum ETF products stands at $2.46 billion, with a daily trading value of $944 million.
As the cryptocurrency market continues to navigate these uncharted waters, investors are left grappling with this unexpected news and its implications on their portfolios.
Source: www.crypto-news.net
