Ethereum ETFs See Devastating Outflows of $465 Million

utoday
05 Aug

Ethereum exchange-traded funds (ETFs) suffered devastating outflows of more than $465 million on Monday, according to data provided by SoSoValue

BlackRock's iShares Ethereum Trust ETF (ETHA) took the biggest blow with $375 million. The Fidelity Ethereum Fund (FETH) comes in second place with $55.1 million.

Not a single Ethereum ETF was in the green on Monday, with several products remaining flat. 

Still, ETH is up by roughly 4% over the past 24 hours, meaning that the bulls are not dismayed by the massive outflows. 

Off to rough start 

In July, Ethereum ETFs attracted a staggering $5.4 billion worth of inflows. This sum is extremely impressive considering that Ethereum accounts for only one-fifth of Bitcoin's market cap. 

Last month, the price of the flagship altcoin soared by nearly 50%, coming awfully close to reclaiming the $4,000 level. 

However, Ethereum is off to a terrible start this August, with two consecutive days of inflows. On Aug. 1, these products also bled a total of $152.26 million, ending an extremely impressive 20-day streak of consecutive inflows. Total inflows have thus far reached $617 million this month. 

Despite recent outflows, Ethereum ETFs are still at $9.02 billion worth of total inflows. 

Bitcoin ETFs also take hit 

Bitcoin ETFs also took a significant hit, with $333 million worth of inflows. However, this is far from being the worst day for these products. On Friday, for comparison, they hemorrhaged $812.25 million, recording the second-biggest outflows to date. 

It is worth noting that ETF flows can be quite volatile, and Bitcoin ETFs have shown that inflows can spike just as fast as outflows.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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