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Home»ADOPTION NEWS»Spot Ethereum ETF Trading Volume Falls for Third Day, Drops Below $900 Million
ADOPTION NEWS

Spot Ethereum ETF Trading Volume Falls for Third Day, Drops Below $900 Million

By Crypto FlexsJuly 25, 20243 Mins Read
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Spot Ethereum ETF Trading Volume Falls for Third Day, Drops Below 0 Million
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The ETF saw strong trading volumes in its first three days on the market, but demand is cooling off. Hot start.

Cumulative trading volume between funds on Thursday was about $850 million, according to Yahoo Finance data compiled by Block Pro Research. Trading volume surpassed $1.05 billion in Tuesday’s session and $950 million on Wednesday.

The ETF recorded net outflows of $133.16 million on Wednesday, reversing Tuesday’s net inflows of $106.78 million. Grayscale Ethereum Trust (ETHE) recorded net outflows of $326.86 million, making it the only ether fund to see an outflow, according to SosoValue.

Ahead of Thursday’s trading session, the price of Ether fell more than 7% overnight.

“The emphasized pullback… is not only unsurprising, it was expected,” Keyrock’s Justin d’Anethan told The Block early Thursday. “Market memories are short, but while spot bitcoin ETFs have pushed prices higher, crypto markets have been down at the start.”

According to The Block’s ETH price page, at the time of publication, Ether was still down nearly 8%, at $3,102. The trading volume over the last 24 hours was $25.9 billion.

“After the ETP launched, the BTC price initially fell due to a combination of ‘news selling’ and massive outflows from GBTC,” Bitwise investment strategist Juan Leon wrote in a post on X. “After that, inflows into other ETPs surged and the price surged.”

The strategist noted that ETH fell nearly 10% two days after the trade. As with BTC, there has been significant outflow from The Grayscale Ethereum Trust (ETHE) which could continue for some time, and the price of Ether has been on the rise for the past two weeks leading up to the launch of the spot ETF.

“Will ETH do the same? We don’t know for sure, but institutional demand for cryptocurrencies is growing, and ETH is now joining BTC as the only two crypto assets with an ETP wrapper,” Leon said.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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