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Spot Ethereum ETFs Record $107 Million as Net Inflows On First Day

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United States Spot Ether ETFs recorded net inflows of $106.6 million on the first trading day.

These inflows come despite the massive outflows recorded from Grayscale’s Ethereum Trust.

Notably, BlackRock’s iShares Ethereum Trust ETF (ETHA) led the inflow list with $266.5 million.

Also, Bitwise Ethereum ETF (ETHW) recorded inflows of $204 million, and Fidelity Ethereum Fund (FETH) had $71.3 million inflows.

Ethereum Inflows Surpass the Outflows

Impressively, the inflows to the new spot Ethereum ETFs were sufficient to balance the outflows from Grayscale’s Ethereum Trust (ETHE).

ETHE outflows hit $484.9 million in one day, which is 5% of its $9 billion fund.

Grayscale launched ETHE in 2017, enabling institutional investors to purchase Ether.

However, ETHE conversion to spot ETF implies that investors can easily sell their shares.

Similarly, spot Bitcoin ETFs faced similar outflows from Grayscale’s Bitcoin Trust.

Grayscale’s Ethereum Mini Trust launched with lower fees and recorded $15.2 million as new inflows.

Also, Franklin Templeton’s Franklin Ethereum ETF (EZET) recorded $13.2 million in inflows.

21Shares’ Core Ethereum ETF (CETH) recorded $7.4 million in inflows.

Overall, spot Ether ETFs had a trading volume of $1.08 billion for outflows and inflows.

Meanwhile, Bloomberg ETF analyst Eric Balchunas expressed delight in Ethereum ETFs’ performance on their first trading day.

Balchunas believes there will be more inflows ahead for the Ether ETFs after an encouraging debut.

Other Analysts Highlight Spot Ethereum ETFs Success

Also, renowned analyst Michaël van de Poppe, on July 23, stated that ETH ETFs in the first 15 minutes recorded 50% of Bitcoin ETFs’ first day’s traded volume.

Van de Poppe noted that the Ether ETF launch is undervalued and will rise to an all-time high in the next one or two months.

Additionally, blockchain developer Randy Marcote shared similar views.

According to Marcote, Ether ETFs started strongly, hitting similar levels to Bitcoin on the first day.

However, Marcote adopts a cautious approach, advising investors to study the price chart and look beyond the initial excitement.

Ethereum’s price at 10:40 a.m. EST is $3,453 with a 1.3% decline in the past 24 hours.

Nevertheless, based on the hype surrounding Ether ETFs and massive inflows, Ethereum will likely rally in the coming days.

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