The honeymoon is over for Ethereum ETFs.
On their second day of trading, the nine U.S. spot Ethereum exchange-traded funds experienced net outflows totaling $133.16 million on Wednesday, a sharp contrast to Tuesday’s positive inflows.
The Grayscale Ethereum Trust (ETHE) notably had $326.86 million in net outflows, the only fund among the ether ETFs to do so, according to SosoValue data.
Moreover, Fidelity’s FETH led the inflows with $74.46 million, followed by Grayscale Ethereum Mini Trust with $45.93 million, Bitwise ETHW with $29.64 million, and VanEck ETHV with $19.84 million.
BlackRock’s ETHA saw $17.44 million in net inflows, down from $266.55 million on Tuesday.
The spot ether ETFs recorded approximately $951 million in trading volume on Wednesday, down from $1.05 billion on Tuesday, their first day of trading, as reported by Yahoo Finance. On Tuesday, the nine funds saw about $106.78 million in net inflows.
On the other hand, Bitcoin ETFs bucked the broader market trend on Wednesday, attracting net inflows of $44.51 million. BlackRock’s IBIT led the pack with $65.99 million in new investments, while Grayscale’s GBTC was the lone outlier, shedding $26.22 million.
However, the broader cryptocurrency market was under pressure. Ether plunged 8.24%, and Bitcoin dropped 3% as investors grappled with the implications of Mt. Gox’s latest transfers and broader economic concerns. The overall market sentiment was echoed in the broader stock market, with the Nasdaq and S&P 500 suffering their worst declines since late 2022.
