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Spot Ethereum ETFs traded in the US reported a daily net inflow of $5.84 million on Wednesday, ending an eight-day outflow streak. Grayscale Ethereum Trust (ETHE) recorded a daily net outflow of $3.81 million, while BlackRock’s spot Ethereum fund saw an inflow of $8.4 million and Fidelity’s FETH fund reported an inflow of $1.26 million.
Spot Ethereum ETFs Reach $151 Million in Volume
According to SoSoValue data, nine spot Ethereum ETFs reached a trading volume of $151.57 million on Wednesday. However, this figure is significantly below the peak levels of around $900 million seen in late July. These ETFs have collectively experienced a net outflow of $475.48 million.
Meanwhile, US spot Bitcoin ETFs reported a net outflow of $105.19 million on Wednesday. Ark and 21Shares’ ARKB fund led the group with an outflow of $59.27 million. Fidelity’s FBTC fund saw an outflow of $10.37 million, while VanEck’s fund recorded an outflow of $10.07 million.
Spot Bitcoin ETFs Report $2.18 Billion in Trading Volume
Bitwise’s BITB fund, Grayscale’s mini Bitcoin trust, and Grayscale‘s GBTC funds also reported a net outflow of approximately $8 million. BlackRock’s IBIT fund was recorded as the largest spot Bitcoin ETF in terms of net assets, while five other Bitcoin ETFs reported zero flows for Wednesday.
US spot Bitcoin funds reached a total trading volume of $2.18 billion on Wednesday. The figure was $1.2 billion on Tuesday. Since the beginning of the year, these funds have recorded a total net inflow of $17.85 billion.
Current State of the Cryptocurrency Market
Bitcoin fell by 0.21% to $59,369 in the last 24 hours, while Ethereum rose by 2.25% to $2,537. The volatility in cryptocurrency markets appears to be directly linked to the performance of ETFs.
The developments indicate an increasing divergence between Ethereum and Bitcoin ETFs, showing renewed investor interest in Ethereum. On the other hand, Bitcoin ETFs continue to face significant outflows. The fluctuations in cryptocurrency markets may signal larger financial strategies in the future.
