Ethereum (ETHUSD)

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THE TABLES HAVE TURNED 🔄
How have the Bitcoin and Ethereum ETFs been doing this week?

Let’s kick things off with Bitcoin.

And unfortunately it’s not great…

Yesterday, the Bitcoin ETFs saw net outflows of $18.3 million.

Oddly enough, BlackRock was the only issuer to see inflows yesterday with $74.9 million.

Grayscale, ARK Invest, VanEck all saw net outflows of $73.6m, $7.9m & $5.6m respectively.

BTC flows
BUT…

On the Ethereum side, things were a little different.

The Ethereum ETFs saw their first net inflow day since launch, with $33.7 million coming in.

Here’s the breakdown:

BlackRock ETHA: $118.0 million 🥇

Fidelity FETH: $16.4 million 🥈

Grayscale ETH: $12.4 million 🥉 (this is the mini Ethereum ETF spinoff by the way)

Grayscale’s ETHE (their Ethereum trust conversion) saw net outflows of $120.3 million.

Ethereum ETF
With only $120.3 million flowing out of ETHE, the rate of outflow is already slowing down.

Checkout the chart below for a comparison of outflows between GBTC and ETHE.

You can clearly see how rapid the ETHE outflows were out the gate. 🏃

GBTC
That’s why we’ve maintained that Ethereum has held up considerably well despite significant outflows from Grayscale. (price of ETH is down ~5% in the last 7 days)

But now that net inflows are back on the menu…

The price of ETH could start rocketing up soon. 🚀