ETH recovers 3% despite $152.3 million outflows from local Ethereum ETFs

In their third day of trading, the nine recently approved spot Ethereum ETFs in the US recorded a total net outflow of $152.3 million, continuing the previous day’s trend.

Grayscale Ethereum Trust (ETHE) was the only fund to record outflows, with $346.22 million withdrawn on Thursday, according to the latest data compiled by SosoValue. This was offset by inflows into other funds.

Leading the inflows was BlackRock’s ETHA with $70.93 million, followed by Grayscale Ethereum Mini Trust with $58.09 million. Next was Fidelity’s FETH at $34.32 million and Bitwise ETHW at $16.34 million.

Additionally, VanEck’s ETHV saw $8 million in net inflows, while Invesco’s QETH saw $6.24 million. The other two ETFs, EZET and CETH, managed by Franklin and 21Shares, respectively, saw no activity.

Despite the recent exits, the price of Ether saw a modest increase of 3% in the last day and is currently trading near $3,270. Meanwhile, this recovery comes a day after the altcoin hit a low of $3,130, which experts say was not unexpected.

Drawing parallels with Bitcoin’s performance following the launch of its spot ETF, crypto analyst Miles Deutscher noted that BTC experienced a 20% drop in the first 14 days of trading. However, this initial decline was followed by a 91% rally over the next 51 days.

Deutscher even said that such pullbacks often present valuable buying opportunities for investors and indicated that Ether’s drop earlier this week could also be a temporary setback, which could lead to substantial gains in the near future . As such, the current level could be seen as a strategic entry point rather than a cause for concern.

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