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Three ETF Products Lose $79.4 Million as Ethereum ETFs Pull in Only $2.5 Million
The cryptocurrency market has witnessed a significant shift in investor sentiment, with three out of nine Ethereum ETF products experiencing an unprecedented outflow of $79.4 million yesterday. This drastic departure from previous trends leaves the Ethereum ETFs with a paltry balance sheet of just $2.5 million.
According to Farside Investors UK, Grayscale’s ETHE, Grayscale’s ETH, and Bitwise’s ETHW were among the ETF products that suffered significant outflows, with losses totaling $49.2 million, $15.6 million, and $14.6 million, respectively. Meanwhile, Blackrock’s ETHA bucked this trend by recording an inflow of $81.9 million.
The dismal performance of these Ethereum ETFs has raised eyebrows in the crypto community, as it marks a stark contrast to their previous growth trajectory. The net inflow for the day was a meager $2.5 million, leaving many wondering about the underlying factors driving this sudden shift.
Industry experts have pointed out that the complexities inherent within the Ethereum ecosystem might be contributing to these losses. According to a Blackrock executive, educating clients about the intricacies of the Ethereum ecosystem is proving challenging for investors. The contrast between this and Bitcoin’s relative simplicity could be attributed to these difficulties.
Despite the bearish trend observed in Ethereum ETFs, data from Soso Value indicates that approximately 642 Ethereum crypto assets were traded during yesterday’s trading hours.
Source: www.crypto-news.net
