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Ethereum ETFs Face $41.82M Daily Outflow as Total Assets Hit $8.06B
A recent update from SoSoValue has revealed a drastic plunge in the Ethereum ETF market, with daily net outflows amounting to a staggering $41.82 million. This comes as a shock to many investors who were previously optimistic about the growth prospects of these exchange-traded funds.
Despite this setback, total assets under management have surprisingly reached a record high of $8.06 billion, accounting for 3.02% of Ethereum’s market capitalization. This dichotomy raises more questions than answers regarding the current state of the market and its future trajectory.
BlackRock’s ETHA Leads Outflows with $30.16 Million
ETHA, offered by BlackRock and listed on NASDAQ, took the lead in daily outflows, amounting to a whopping $30.16 million. This significant withdrawal has led to a substantial decline in net assets, now valued at $2.86 billion.
On the other hand, Fidelity’s FETH managed to defy expectations by maintaining stable daily inflows, with its cumulative net inflow reaching an impressive $1.49 billion and total net assets of $975.44 million.
Other Ethereum ETFs Saw No Inflows
Notably, Grayscale-backed ETFs ETH and ETHE recorded no net inflows or outflows for the day. ETH’s cumulative net inflow reached $605.10 million, with a net asset value of $1.05 billion, while ETHE’s net assets were valued at $2.80 billion.
In contrast, Bitwise’s ETHW maintained stable daily inflows, recording cumulative net inflows of $317.91 million and total net assets of $208.33 million. VanEck-backed ETF ETHV reported steady inflows as well, reaching $136.39 million in cumulative net inflows and a total asset value of $102.93 million.
Franklin’s EZET ETF saw a relatively modest inflow of $37.65 million, resulting in a net asset value of $27.76 million. Invesco-backed QETH reported smaller but still notable inflows of $20.32 million, with a current net asset value of $16.99 million.
CETH, backed by 21Shares, surprisingly recorded cumulative net inflows of $16.58 million and a matching net asset value.
In light of these developments, it remains to be seen whether this trend will persist or if the market is merely experiencing a temporary correction.
Source: https://cryptonewsland.com/ethereum-etfs-face-41-82m-daily-outflow-as-total-assets-hit-8-06b/
