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Ethereum ETFs Lose $68.5 Million as No Inflows Recorded for the Third Consecutive Time
The Ethereum-based Exchange-Traded Funds (ETFs) have recorded yet another dismal quarter, with no inflows reported for the third time in a row. This has resulted in significant losses of $68.5 million.
According to recent data, only two out of the nine available Ethereum ETFs witnessed any trading activity, while the remaining seven remained inactive. Farside Investor’s UK noted that Fidelity’s FETH led the way in terms of net outflows, with a staggering loss of $65.4 million.
On the other hand, Bitwise ETHW recorded a slightly smaller loss of $3.1 million. Unfortunately, the lack of trading activity has led to a general market bloodbath, resulting in Ethereum’s value dropping below the psychological barrier of $4,000.
As of writing, Ethereum is currently trading at around $3,048, representing a significant 7.1% decline over the past 24 hours. Furthermore, the digital asset has shed 16.8% of its value in just seven days and a whopping 7.4% over the last two weeks.
It’s worth noting that Ethereum’s price action on a 7-day scale has also seen it drop from a high of $3,700 to below $3000, resulting in a massive $700 loss in value.
On a broader level, the total liquidation volume for the entire crypto network has reached an astonishing $558 million over the last 12 hours. A staggering $503 million of this amount was comprised of long order liquidations.
In related news, the global cryptocurrency market capitalization has taken a hit as well, plummeting by 5% in recent days.
It’s not all doom and gloom for Ethereum enthusiasts, however, as there are still those who believe that the asset will bounce back. Only time will tell if this is indeed the case.
Source: www.crypto-news.net
