{"id":556931,"date":"2024-07-25T09:00:32","date_gmt":"2024-07-25T09:00:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=556931"},"modified":"2024-07-25T09:00:32","modified_gmt":"2024-07-25T09:00:32","slug":"ethereum-plunges-7-as-spot-eth-etf-outflows-hit-113m-led-by-800m-loss-for-grayscale-ethe","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-plunges-7-as-spot-eth-etf-outflows-hit-113m-led-by-800m-loss-for-grayscale-ethe","title":{"rendered":"Ethereum Plunges 7% As Spot ETH ETF Outflows Hit $113M, Led By $800M Loss For Grayscale (ETHE)"},"content":{"rendered":"

The Ethereum price plunged more than 7% in the last 24 hours after spot <\/span>ETH ETF<\/span><\/a> (exchange-traded fund) outflows hit $113.3 million led by an $810 million hit for Grayscale’s Ethereum Trust (ETHE).<\/span><\/p>\n

The outflows posted by Grayscale’s ETHE overshadowed the net inflows registered by the other seven funds. Leading the pack were the Fidelity Ethereum Fund (FETH)  with $75.4 million in inflows and the Bitwise Ethereum ETF (BITW) with $29.6 million.<\/span><\/p>\n

\"BlackRock<\/p>\n

BlackRock’s ETH ETF Sees $17.4 Million In Inflows<\/span><\/h2>\n

BlackRock’s iShares Ethereum Trust (ETHA) saw $17.4 million enter its coffers on July 24 after the fund had posted the highest inflows of the new spot Ethereum ETFs during their debut on July 23. Despite ETHA’s lackluster performance, it was still able to outperform Grayscale’s ETHE. <\/span><\/p>\n

Launched in 2017, ETHE allowed investors to purchase the largest altcoin by market cap. However, there was a six-month lock-up period imposed on all investments.<\/span><\/p>\n

Following its recent conversion to an ETF, investors have already sold off more than 9% of the fund’s holdings as they seek lower fees offered by other newly launched ETH ETFs.<\/span><\/p>\n

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There's a very likely case that we'll have a minor correction during the offload of the Grayscale ETHE Trust.<\/p>\n

The same took place during the launch of the #Bitcoin<\/a> ETF, which caused a significant correction in the first month.<\/p>\n

— Michaël van de Poppe (@CryptoMichNL) July 25, 2024<\/a><\/p><\/blockquote>\n