Ethereum exchange-traded funds (ETFs) in the U.S. saw daily net inflows of $5.84 million on Wednesday, breaking a nine-day streak of outflows.
The Grayscale Ethereum Trust (ETHE) experienced a net outflow of $3.81 million. However, this was offset by inflows of $8.4 million into BlackRock’s spot Ethereum fund and $1.26 million into Fidelity’s FETH, according to SoSoValue data.
The nine Ether ETFs had a trading volume of $151.57 million, a noticeable drop from the nearly $900 million seen when they first launched in late July. Since then, these funds have accumulated total net outflows of $475.48 million.
JP Morgan analysts had expected Ethereum ETFs to see less interest compared to Bitcoin ETFs. Specifically, they pointed to factors like the lack of staking and lower liquidity for Ethereum as reasons why.
Additionally, he mentioned that Grayscale’s ETHE had more outflows than anticipated. This has sparked conversations among asset managers about the possibility of creating a combined Bitcoin and Ethereum spot ETF.
Spot Bitcoin ETFs maintain outflow trend
U.S. spot Bitcoin ETFs saw continued withdrawals on Wednesday, with investors pulling out $105.19 million. Ark and 21Shares’ ARKB fund experienced the largest outflow, with $59.27 million being withdrawn. Fidelity’s FBTC fund also reported $10.37 million pulled out, while VanEck’s fund had $10.07 million in outflows.
Bitwise’s BITB, Grayscale’s mini Bitcoin trust, and Grayscale’s GBTC all reported about $8 million in net outflows. Meanwhile, BlackRock’s IBIT, the biggest spot bitcoin ETF by net assets, along with five other bitcoin ETFs, had no activity for the day.
The U.S. spot Bitcoin funds traded a total of $2.18 billion, up from $1.2 billion on Tuesday. Since January, these funds have brought in $17.85 billion in net investments. Bitcoin dropped 0.21% in the last 24 hours at $59,369. On the other hand, Ethereum saw a 2.25% increase and is currently priced at $2,537.
