[Bitop Review] Ethereum Spot ETFs Debut with $1.1B in Trading Volume, Grayscale ETHE Sees $480M Outflows.

Nine Ethereum spot ETFs began trading yesterday, July 23rd, generating a
total trading volume of $1.112 billion on their first day, equivalent to 23%
of the first day’s trading volume for Bitcoin spot ETFs. Bitwise (BITB) saw
the largest net inflow of $204 million, while Grayscale ETHE had a net
outflow of $480 million.
Total Daily Trading Volume of Ethereum Spot ETFs: $1.1 billion
According to Bloomberg ETF analyst James Seyffart, the total trading
volume of Ethereum spot ETFs on their first day was $1.112 billion, $642
million if exclude Grayscale ETHE. Bitwise (BITB) had a net inflow of $204
million, Franklin (EZET) had a net inflow of $13.2 million, and 21Shares
(CETH) had a net inflow of $7.5 million. Figures for the remaining funds are not yet available.

Grayscale ETHE Sees Net Outflow of $484 Million
According to data from HODL15 Capital, the Grayscale Ethereum Fund
(ETHE) saw a net outflow of $484 million (nearly 5% of its AUM), with a
small portion ($15 million) flowing into the Grayscale Ethereum Junior
Fund, which has lower management fees.

The situation for Ethereum spot ETFs is similar to that of Bitcoin spot ETFs
when they were first approved. Grayscale’s GBTC experienced net outflows
and selling pressure for an period of time due to profit-taking and the need
to switch to lower-fee funds. It is possible that ETH may replicate this
situation for some time, with prices potentially falling further or continuing
to fluctuate. Bloomberg analyst Eric Balchunas also tweeted about it this
morning:

ETH Dips Slightly
Ethereum’s price action was not in the mood for celebrations either. It
continued to decline after the opening, breaking below the $3,400 mark
around 1:00 AM this morning, reaching a low of $3,389. As of the time of
writing, it has rebounded slightly to $3,444, down 1.05% in the past 24
hours.

Disclaimer: None of the information contained here constitutes an
offer (or solicitation of an offer) to buy or sell any currency,
product or financial instrument, to make any investment, or to
participate in any particular trading strategy.