tl;dr
On the second day of the spot Ethereum ETF launch, BlackRock's iShares Ether ETF received 76,669 ETH from Coinbase Prime, indicating strong institutional interest. However, inflows dropped to $17 million on the second day, with BlackRock holding a total of 79,699 ETH. The Grayscale Ethereum Trust (E...
On the second day of the spot Ethereum ETF launch, BlackRock's iShares Ether ETF received 76,669 ETH from Coinbase Prime, indicating strong institutional interest. However, inflows dropped to $17 million on the second day, with BlackRock holding a total of 79,699 ETH. The Grayscale Ethereum Trust (ETHE) saw net outflows of $386 million, bringing two days of outflows to over $811 million, while the Grayscale Ethereum mini-Trust experienced inflows of $45 million. As a result, the Ethereum price has dropped by more than 8%, reaching $3,150, following the ETF approval. Market analysts anticipate a two-week downtrend before a potential new all-time high.
A significant reshuffling occurred on the second day of the spot Ethereum ETF launch. On-chain data reveals that the BlackRock iShares Ether ETF received a total of 76,669 ETH from Coinbase Prime, indicating strong institutional interest in BlackRock’s newly introduced Ethereum fund.
Within two days of launch, the BlackRock Ether ETF seems to be hogging all the limelight. On the first day of the spot Ethereum ETF launch, BlackRock’s iShares ETF saw a staggering $266 million in inflows. However, the inflows have dropped significantly on the second day with BlackRock managing to attract only $17 million in net. As of now, BlackRock holds a total of 79,699 ETH.
As per the data from Farside Investors, the spot Ethereum ETFs have lost steam, seeing a staggering $133 million of outflows on the second day of launch, bringing the net flow for Ether ETFs into negative territory. The Grayscale Ethereum Trust (ETHE), now converted into an ETF, is responsible for most outflows. On Wednesday, July 24, the Grayscale’s ETHE saw net outflows of $386 million, taking the two days of outflows to more than $811 million. As a result, the AUM for Grayscale ETHE has now slipped under $8.0 billion. On the other hand, the Grayscale Ethereum mini-Trust saw its inflows surging to $45 million.
The Ethereum price has come under strong selling pressure, dropping by more than 8% and reaching $3,150 levels. The Ethereum ETF approval has been a sell-the-news event, as investors cash out profits in the run-up before the ETF approval. Market analysts state that similar to Bitcoin, Ethereum could be seeing two weeks of downtrend before resuming the journey to a new all-time high.