Ethereum Spot ETFs experienced net outflows totaling $446.71 Million on September 5. It is the largest single-day withdrawal since products were launched.
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- Ethereum ETFs have seen $446.7m of outflows since Sept 5. This is the second highest amount ever.
- BlackRock, Grayscale and Fidelity were the top three redemptions with $309.9m.
- ETH is trading near $4300, after recent highs at $4900 triggered profits-taking.
Investors pulled out $465.06 Million from the Funds on August 4.
Ethereum (ETHIt traded at around $4300. That’s down from the highs of $4900 that were reached early in the month.
Net inflows were reduced to $12.73 billion by the selling pressure. The ETF asset level is at its lowest since August when it was $13.51 billion.
BlackRock, Grayscale Lead ETF Activity
The daily flow shows consistent sales pressure in early September. The ETFs experienced $167.41 in withdrawals on September 4, followed by $38.24 and $135.37 millions of redemptions respectively, the following days.
Data from the past week reveals recent sales activity. In the week ended September 5, ETFs saw a net outflow of $787.74million, wiping away gains made in previous weeks when they attracted more than $1.08billion.
The market data for the week ending September 5 shows a mixed performance among individual Ethereum ETFs. BlackRock ETHA, a fund traded on NASDAQ by BlackRock, saw outflows of $309.88 millions and a premium to the net asset value of 0.25%.
Grayscale’s ETHE fund on the NYSE experienced $51.77 millions in withdrawals. Fidelity FETH, a CBOE fund managed by Fidelity, saw $37.77 in redemptions.
The flows of smaller ETFs were also varied. Grayscale’s ETH Fund saw outflows of $32.62 Million. ETHW and ETHV showed zero net inflows, but still maintained small premiums to their net asset value.
The TETH 21Shares product defied the trend, with minimal inflows totaling $14.68 millions.
Ethereum price volatility drives ETF sentiment
ETF inflows and outflows have coincided with the recent volatility of Ethereum’s price after its strong performance over the past year. ETH gained 80% in the past 12 months, but has seen swings over the last 30.
According to market data, ETH has gone from a recent low of $3.880 up to a high of $4.900.
The current trading at $4,300 is a drop from the September peak, which could trigger profit taking among investors.
ETF flow patterns indicate that investors are reducing their exposure to Ethereum after its rapid appreciation at the beginning of this month.
The total ETF assets managed also fell to $27.64 Billion as of September 5, down from the $28.58 Billion in the week prior.
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Source: crypto.news
