ETH Bounces Back 3% Despite $152.3M Outflows From Spot Ethereum ETFs

On their third trading day, the nine recently approved spot Ethereum ETFs in the US registered a total net outflow of $152.3 million, continuing the previous day’s trend.

Grayscale Ethereum Trust (ETHE) was the sole fund to record outflows, with $346.22 million withdrawn on Thursday, according to the latest data compiled by SosoValue. This was countered by inflows into other funds.

Leading the inflows was BlackRock’s ETHA, with $70.93 million, followed by Grayscale Ethereum Mini Trust at $58.09 million. Next up was Fidelity’s FETH at $34.32 million and Bitwise ETHW at $16.34 million.

Additionally, VanEck’s ETHV recorded $8 million in net inflows, while Invesco’s QETH logged $6.24 million. The two other ETFs – EZET and CETH – managed by Franklin and 21Shares, respectively, reported no activity.

Despite the latest outflows, Ether’s price noted a modest uptick of 3% over the past day and was currently trading near $3,270. Meanwhile, this recovery comes a day after the altcoin hit a low of $3,130, which, according to experts, was not unexpected.

Drawing parallels with Bitcoin’s performance following the launch of its spot ETF, crypto analyst Miles Deutscher highlighted that BTC experienced a 20% drop within the first 14 days of trading. However, this initial decline was followed by a rally of 91% over the next 51 days.

Deutscher even went on to say that such pullbacks often present valuable buying opportunities for investors and indicated that Ether’s dip earlier this week could similarly be a temporary setback, potentially leading to substantial gains in the near future. As such, the current level could be viewed as a strategic entry point rather than a cause for concern.

The post ETH Bounces Back 3% Despite $152.3M Outflows From Spot Ethereum ETFs appeared first on CryptoPotato.