Spot ethereum ETFs’ outflows on pace for highest ever
After 14 weeks of positive inflows, the funds have seen $626.3 million in outflows this week.
Spot ethereum ETFs have had 14 consecutive weeks of inflows, accounting for nearly 84.7% of the investment vehicles’ cumulative inflows of more than $12 billion. However, this week’s outflows are putting the streak in jeopardy, with roughly $626.3 million leaving the funds so far this week.
This is the highest level since they went live last year, data from SoSoValue shows.
On Tuesday alone, the Fidelity Ethereum Trust recorded $156 million in outflows, leading the pack, while the Grayscale Ethereum Trust took second place, notching $122 million in outflows.
The price of ethereum has dropped almost 9% in the past seven days. Meanwhile, trading volume has decreased as well. Its 24-hour trading volume is $41 billion, while a week ago it saw $53 billion, according to CoinGecko.
The ETF outflows and price slump comes as BitMine Immersion Technologies, the treasury firm holding the most ethereum, overtook bitcoin behemoth Strategy in terms of weekly trading volume for the first time. Between August 11 and 17, BitMine generated $32 billion in trading volume, compared to Strategy’s $22.7 billion in the same period, per Blockworks Research.
