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Spot Ethereum ETFs sheds $55 million recording no inflows for the day
The cryptocurrency market has experienced a significant downturn in the past 24 hours, with the Spot Ethereum ETF shedding a staggering $55 million. In an unusual turn of events, both the Spot Bitcoin and Spot Ethereum ETFs have recorded zero inflows for the day.
According to reports, the Spot Ethereum ETF has faced an outflow of $55 million, marking the first time in four trading days that the fund has closed on a deficit. Despite this significant loss, the fund has still managed to pull in a total of over $347 million in the last four trading days prior to yesterday.
The Fidelity FETH was the biggest loser, with an outflow of $20.4 million. Grayscale’s ETHE and ETH followed closely, recording outflows of $17.4 million and $13.8 million respectively. The Franklin EZET ETF recorded the smallest outflow for the day, with a loss of $3.9 million.
As of now, BlackRock’s IBIT trading figures have yet to be disclosed.
In other news, Ethereum has seen its price drop by 0.9% in the last 24 hours and is currently exchanging hands at $3,391, down 30.5% from its all-time high of $4,878.
The cryptocurrency community continues to grapple with concerns over a lagging price performance and structural issues affecting the market, with Ethereum failing to reach its all-time high for three consecutive years.
Despite this downturn, it’s clear that the asset remains a significant player in the space, with multiple institutions investing heavily in the coin.
Source: www.crypto-news.net
