ETH, BTC Prices Unaffected by Ethereum Mass Exits, Grayscale’s Bitcoin ETF

The two largest grayscale funds operating on US exchanges – GBTC and ETHE – experienced significant net outflows on Monday.

However, the prices of the underlying assets have remained stable and even managed to register some minor gains in the last 24 hours.

Ethereum ETF in bad shape

CryptoPotato has repeatedly reported the lack of real demand and interest in local Ethereum ETFs since they first saw the light of day in July of this year. Not only have they failed to attract significant inflows, their overall numbers are in the red, and even BlackRock’s $1 billion product couldn’t offset losses from Grayscale’s private-equity-turned-one-of-a-kind fund stock market trading.

In fact, ETHE has been in the red for almost its entire existence. Of the 44 trading days since the July launch, ETHE has seen net outflows on 38 and zero flows on the remaining six.

Last Thursday and Friday were slightly positive for all Ethereum ETFs, with net inflows of less than $5.2 million and $2.9 million, respectively. ETHE saw no withdrawals during these two days, but the picture changed yesterday when investors pulled $80.6 million from the fund.

Global net outflows stood at $79.3 million, the highest since July 29, as Bitwise’s ETHW recorded inflows of $1.3 million.

Interestingly, the price of ETH has remained unfazed by Monday’s big pullback. The second-largest cryptocurrency hit a four-week high of nearly $2,700 yesterday after surging 14% last week.

Ethereum/Price/Chart 09/24/2024. Source: TradingView Bitcoin ETFs Remain in the Green

Grayscale’s largest Bitcoin fund, GBTC, also saw notable withdrawals yesterday, with $40.3 million withdrawn. However, its smaller fund, BTC, as well as BlackRock’s IBIT and Fidelity’s FBTC managed to offset the losses.

The largest Bitcoin ETF attracted $11.5 million in net inflows, BTC saw $8.4 million poured in, and FBTC emerged on top with $24.9 million. Accordingly, the day’s final figure for all spot Bitcoin ETFs was slightly in the green at $4.5 million.

Bitcoin price has been relatively sluggish on a daily basis, but has gained 7.5% in the past week. As a result, it is now trading around $63,500, with pundits and analysts speculating about an upcoming massive rally, which you can read more about here.

Bitcoin/Price/Chart 24.09.2024. Source: TradingView SPECIAL OFFER (sponsored) Binance Free $600 (exclusive of CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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