BlackRock Ethereum ETF Wallet Gets 76,669 ETH From Coinbase
Highlights
- The BlackRock iShares Ethereum ETF Now Holds A total of 79,699 ETH within two days of launch.
- Spot Ethereum ETFs saw $133 million outflows on Tuesday with Grayscale playing thr spoilsport.
- Ethereum price has come crashing down as investors cash out on the ETF approval news.
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.
BlackRock Ethereum ETF in Demand
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.
BlackRock(iShares) Ethereum ETF wallet received 76,669 $ETH($262.4M) from #CoinbasePrime 10 hours ago.
According to #BlackRock‘s official website, #BlackRock currently holds 79,699 $ETH($277M).https://t.co/sefS6WTlHz pic.twitter.com/pvEGrWxvT9
— Lookonchain (@lookonchain) July 25, 2024
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. Thus, it brings the net flow for Ether ETFs into the negative territory.
Also Read: Hashdex Files S-1 For Combined Spot Bitcoin and Ethereum ETF
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.
In the past 24 hours, #Grayscale transferred 140,044 $ETH($485.6M) to #CoinbasePrime, and received 4,382 $ETH($14.8M) from #CoinbasePrime, with a net outflow of 135,662 $ETH($470.8M)!
According to #Grayscale‘s website, #Grayscale currently holds 2,489,075 $ETH($7.9B).… pic.twitter.com/2LYaRinh4h
— Lookonchain (@lookonchain) July 25, 2024
ETH Price Under Selling Pressure
The Ethereum price has come under strong selling pressure recently tanking by more than 8% and dropping all the way to $3,150 levels. It turns out that 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.
Also Read: Here’s Why Ethereum Price Is Falling Today
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
