Outside Source
- Ethereum (ETH) slumped more than 8% after the US spot Ethereum exchange-traded funds saw over $133 million in outflows in the second day of trading.
- Ether price fell on Thursday amid the outflows, reaching lows of $3,156 across major exchanges.
Spot Ether ETFs outflows
The new ETFs cumulatively posted over $106 million in inflows on day one, which incidentally remained green despite more than $484 million exiting the Grayscale’s Ethereum Trust (ETHE). But on day two, the total outflows of $326.9 million from ETHE outpaced the total inflows, resulting in net outflows of $133.3 million.
Per data on SosoValue, ETHE has seen two-day outflows race to over $810 million, which has the converted fund’s net assets as of writing at $8.04 billion.
Performance wise for the other spot Ether ETFs, the second day of trading saw Fidelity’s FETH record the most inflows at $74.5 million. This was slightly lower than the $71.3 million investors put into FETH on July 23.
Meanwhile, Bitwise saw $29.6 million flow into its BITW on day two, down from $204 million seen a day earlier. BlackRock’s ETHA, which stormed out of the gate with over $266 million in inflows on debut, recorded just $17.4 million on July 24.
The outflows have seen total net assets in the spot Ether ETFs drop slightly from over $10.2 billion on Jlu 23 to around $9.54 billion as of the end of trading day July 24. Overall, this accounts for about 2.35% of the total market cap of Ethereum.
Crypto liquidations hit $290 million
ETH price currently hovers around $3,179, about 8% down in the past 24 hours. The altcoin’s price has dropped nearly 6% in the past month.
With Ethereum struggling after the ETF launch and Mt. Gox repayments weighing down Bitcoin, the total crypto market cap has declined 4% in 24 hours. Meanwhile, total crypto liquidations after the sharp decreases for ETH and BTC reached $290 million early Thursday.
Of these, Coinglass data shows $262 million are longs, with Ethereum accounting for over $98 million and Bitcoin $72 million in liquidated bullish bets.
This article first appeared at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison
