Spot Ethereum ETFs saw $133m outflow on second trading day

Spot Ethereum exchange-traded funds recorded immediate net outflows on the second day of trading in the US.

According to data provided by Farside Investors, spot Ethereum (ETH) ETFs witnessed net outflows of $133.3 million on Wednesday, July 24. Notably, Grayscale Ethereum Trust (ETHE) alone saw outflows of $326.9 million.

Spot ETH ETFs recorded over $1 billion in trading volume and $106.6 million in net inflows on their first day of trading.

According to data from Farside Investors, total outflows from the ETHE fund reached $811 million in the last two days. Meanwhile, the Grayscale Ethereum Mini Trust (ETH) saw $45.9 million and $15.1 million on July 24 and 23, respectively.

Most of the inflows came from the Fidelity Advantage Ether ETF (FETH), valued at $74.5 million.

Additionally, WisdomTree Physical Ethereum Securities ETP (ETHW) and VanEck Ethereum ETF (ETHV) recorded inflows of $29.6 million and $19.8 million, respectively.

BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $17.4 million in inflows yesterday, according to Farside Investors. The investment product’s inflows reached $266.5 million on July 23.

The Franklin Ethereum ETF Fund (EZET) and Invesco’s Ether Fund (QETH) had smaller shares of net inflows, each at $3.9 million and $2.5 million. The 21Shares Core Ethereum ETF (CETH) remained neutral as the market returned to a downtrend.

Following significant net outflows from Ethereum ETFs, Ethereum price is down 7.6% in the last 24 hours. The second-largest cryptocurrency is trading at $3,180 at press time. ETH’s market cap currently sits at $382 billion, with a daily trading volume of $21.3 billion.

ETH price – July 25 | Source: Trading View

It is important to note that the broader crypto market is also hovering in bearish territory. According to data from CoinGecko, the global crypto market capitalization has fallen by 3.4% in the past day and currently stands at $2.43 trillion.