Spot Ethereum ETFs log largest outflows in one month as ETH price tumbles below $2,400
Quick Take U.S. spot Ethereum ETFs logged over $11 million worth of outflows on Friday, the largest such value since mid-May. Despite the outflows, the ETFs have added around $840 million in cumulative inflows over the course of June. Spot Bitcoin ETFs continue to see inflows, setting a new total net cumulative inflow record for five consecutive trading days.
U.S. spot Ethereum ETFs saw their largest outflow since mid-May on Friday, before ether's price tumbled below $2,400 on Saturday. Spot Bitcoin ETFs, on the other hand, continued to set cumulative inflow records with a 9-day streak of net positive inflows.
The Ethereum ETF outflows were led by a $19.7 million outflow from BlackRock's ETHA fund, the largest such fund on the market by assets under management (AUM). The fund still holds $4.03 billion worth of assets, a hair more than the total AUM of Grayscale's two funds — ETHE and ETH — which hold $4.02 billion combined, according to SoSoValue data .
The outflows from BlackRock's fund were slightly offset by $6.6 million worth of inflows into Grayscale's ETH on Friday and $1.8 million in inflows to VanEck's ETHV fund, with an AUM of $114.8 million. The price of ETH is down about 5% over the past seven days, according to The Block's Ethereum Price page , dipping below $2,400 on Saturday afternoon.
Despite the outflows, the ETH funds have logged around $840 million in cumulative net inflows since the start of the month. "The data suggests institutions remain constructive on crypto's medium-term upside, but Ethereum's catch-up phase appears to be over," BRN Lead Research Analyst Valentin Fournier told The Block recently.
Bitcoin ETFs keep setting new cumulative inflow records
While Ethereum funds bled, spot Bitcoin ETFs set a new cumulative inflow total high on Friday, the fifth straight day a new record has been set, according to SoSoValue data . The funds have logged $46.7 billion in cumulative net inflows.
However, Friday's meager inflow of $6.4 million was the smallest inflow sum since June 6, which saw $47.8 million worth of outflows, signaling a possible reduction in demand for the BTC funds. BlackRock's IBIT, the market-leading fund, logged $46.9 million worth of inflows, while Fidelity's FBTC saw $40.6 million worth of outflows.
Spot Bitcoin ETFs now account for around a quarter of global Bitcoin trading volume, The Block recently reported , though transactions on the actual Bitcoin blockchain are hitting 18-month lows . Speculative bets around Bitcoin-native protocols Runes and Ordinals have largely failed to pan out as demand cools.
The price of Bitcoin is down around 1% in the past 24 hours, according to The Block's Bitcoin Price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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