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.
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
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
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