Ethereum exchange-traded funds (ETFs) in the United States experienced a much-needed respite on Wednesday, reversing a nine-day streak of outflows. This turnaround comes as investors appear to be regaining confidence in the second-largest cryptocurrency.
According to SoSoValue data, Ethereum ETFs collectively saw net inflows of $5.84 million on Wednesday. BlackRock’s spot ether fund led the way with inflows of $8.4 million, while Fidelity’s FETH and Grayscale’s Ethereum Trust (ETHE) recorded inflows of $1.26 million and outflows of $3.81 million, respectively.
While the trading volume for Ethereum ETFs remains significantly lower than the peak levels seen in late July, the recent influx of funds suggests that investor interest in Ethereum is starting to rebound.
Spot Bitcoin ETFs Continue To Face Headwinds
In contrast, spot bitcoin ETFs continued to face headwinds, reporting net outflows totaling $105.19 million on Wednesday. Ark and 21Shares’ ARKB led the outflows, followed by Fidelity’s FBTC and VanEck’s fund.
Grayscale’s GBTC, Bitwise’s BITB, and Grayscale’s mini bitcoin trust also recorded net outflows. Notably, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, and five other bitcoin ETFs reported zero flows for the day.
Despite the outflows, the total trading volume for spot bitcoin ETFs has remained relatively high, indicating that investor interest in Bitcoin is still strong. However, the recent net outflows suggest that some investors may be taking profits or shifting their focus to other assets.
Also Read: JPMorgan Sounds Alarm – Ethereum ETFs Face $500M Outflows—Can Hybrid Funds Save The Day?
Price Movements
As of Wednesday’s close, Bitcoin was trading down 0.21% at $59,369, while Ethereum gained 2.25% to reach $2,537. The divergence in performance between the two cryptocurrencies highlights the differing market dynamics at play.
While Ethereum ETFs have shown signs of recovery, the continued outflows from spot bitcoin ETFs suggest that the market remains uncertain about the future of the largest cryptocurrency. Investors will be closely watching to see if this trend continues or if a reversal is imminent.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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