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Spot ethereum ETFs see largest daily outflow ever

Meanwhile, on-chain activity is increasing while treasury companies keep stockpiling more ethereum.

Sage D. Young

Spot ethereum ETFs trading in the US recorded their largest daily outflow since inception with over $465 million in outflows on Monday. The lion’s share stemmed from BlackRock’s iShares Ethereum Trust ETF, accounting for 80% of total outflows, data from SoSoValue shows. If outflows continue at this pace, spot ethereum ETFs will end a streak of 12 weeks of consecutive inflows. 

The price of ethereum has dropped 2.2% in the last 24 hours and 6.3% in the past seven days, per CoinGecko. 

Other notable news in the ethereum world: 

  • Ethereum’s network activity is heating up. The blockchain’s on-chain transaction volume in July exceeded $238 billion, marking a roughly four-year high, data from The Block shows. On Monday, the number of active addresses was close to its record high, while total daily transactions on a seven-day moving average touched 1.7 million, the network’s highest level ever.

  • SharpLink Gaming announced Tuesday that it’s increased its total ethereum holdings to 521,939 tokens worth over $1.9 billion and raised $264.5 million in net proceeds through its at-the-market facility.

  • The Ether Machine purchased an additional 10,605 ethereum tokens or $38.6 million, bringing its cumulative holdings to about $1.3 billion, according to a Monday press release.

  • GameSquare purchased 2,717 ethereum tokens for $10 million, per a Monday press release. Connected to its ethereum crypto-native treasury strategy, GameSquare is implementing a stock repurchase program that is “funded through net proceeds generated by the onchain yield platform.” 

  • An unidentified whale has also scooped up $141.6 million in ethereum from digital asset prime broker FalconX in the past two days, data from blockchain analytics firm Arkham Intelligence shows. 

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Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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