news 
Spot Ethereum ETFs sheds $55 million recording no inflows for the day
The recent performance of the cryptocurrency market has taken a drastic turn, with Spot Ethereum ETFs shedding a staggering $55 million in value. This unexpected decline is all the more concerning as it marks the first time the Ethereum ETFs have closed on a deficit in four trading days.
In a rare occurrence, both Spot Bitcoin ETFs and Spot Ethereum ETFs failed to record any inflows for the day, resulting in substantial losses across the board. The unprecedented outflow has left many industry experts scrambling for answers as to what could be driving such a drastic shift in market sentiment.
Data from reputable sources reveals that Farside Investors UK’s FETH led the way in terms of outflows, losing a staggering $20.4 million in a single day. Grayscale’s ETHE and ETH followed closely behind with outflows of $17.4 million and $13.8 million respectively. Franklin EZETs ETF also recorded an outflow of $3.9 million, bringing the total loss to a whopping $55 million.
The recent underperformance of Ethereum has raised concerns about the crypto asset’s ability to reach its all-time high of $4,878. The cryptocurrency has been unable to break this ceiling for three years now, leading some to question whether it is capable of such growth in the future.
In terms of price action, Ethereum is currently trading at a relatively stable $3,391, having dropped by 0.9% over the last 24 hours. This decline brings its year-to-date loss to 30.5%.
Source: www.crypto-news.net
