Outflow of $23.7 million from ETH spot ETF on the previous day
CryptoNewsTerminal Staff07 Aug, 2024
Outflow of $23.7 million from ETH spot ETF on the previous day
ETH spot ETF experiences a net outflow of $23.7 million According to data from the financial information platform Farside Investors, a total of $23.7 million was recorded as a net outflow from US ETH spot ETFs on the 7th (local time). Despite net inflows to Fidelity FETH ($4.7 million), Bitwise ETHW ($1.7 million), and Franklin Templeton EZET ($1.8 million), Grayscale ETHE experienced a net outflow of $31.9 million. No net outflows or inflows were recorded for the remaining ETFs. This news follows a recent surge in interest in ETH spot ETFs, with the total assets under management (AUM) reaching a record high of $21.5 billion in early May. However, the recent market downturn has led to a sell-off in crypto assets, including ETH, and this has likely contributed to the outflows from ETH spot ETFs. It is worth noting that the outflows from ETH spot ETFs do not necessarily indicate a negative sentiment towards ETH itself. Investors may be rotating out of ETH spot ETFs into other asset classes, such as physical ETH or other crypto assets, in response to the current market conditions.
