Yesterday was a rollercoaster for spot Ethereum ETFs, marking the biggest outflows in nearly two months. The two heavyweights, Grayscale's GBTC and ETHE, saw a significant exodus on Monday.
Surprisingly, despite the big withdrawals, the prices of the underlying assets stayed rock-solid, even gaining some ground in the last 24 hours.
Ever since these ETFs launched back in July, they’ve struggled to catch the interest of investors. The demand has been pretty lackluster, with even big names like BlackRock failing to turn the tide. In fact, ETHE has been mostly in the red throughout its existence. Out of 44 trading days since its launch, it saw net outflows on 38 days and no action on the other six.
Last Thursday and Friday brought a glimmer of hope with small net inflows of $5.2 million and $2.9 million, respectively. ETHE didn't see any withdrawals on those days, but Monday changed the game with a whopping $80.6 million pulled out of the fund.
Overall, the net outflows hit $79.3 million, the highest since late July. Meanwhile, Bitwise’s ETHW managed to attract $1.3 million in inflows.
Interestingly, ETH’s price shrugged off Monday’s big withdrawal. The second-largest cryptocurrency hit a four-week high, nearing $2,700 after a 14% surge over the past week.
Grayscale’s GBTC also saw significant withdrawals, with $40.3 million taken out. However, other funds like BlackRock’s IBIT and Fidelity’s FBTC managed to balance the scales. The largest Bitcoin ETF attracted $11.5 million in net inflows, BTC saw $8.4 million, and FBTC topped the charts with $24.9 million. As a result, the final tally for all spot Bitcoin ETFs was slightly positive, at $4.5 million.
Bitcoin's price has been moving at a snail's pace daily but has gained 7.5% over the past week. It’s now trading around $63,500, sparking speculation about a potential massive rally on the horizon.
