$ETH
Ethereum spot ETFs saw the largest outflows in a month as the value of ETH fell below $2400
Despite the outflows, the ETFs added about $840 million in total inflows for June.
Spot bitcoin ETFs continue to record inflows, breaking the record for cumulative net inflows for five consecutive trading days.
On Friday, U. S. spot Ethereum ETFs recorded their largest outflows since May, and on Saturday the price of ether fell below $2400. Spot bitcoin ETFs, on the other hand, continued to set records for total inflows, with a nine-day streak of net positive inflows.
Outflows from the Ethereum ETF were driven by a $19.7 million outflow from ETHA from BlackRock, the largest fund by assets under management (AUM). The fund still holds $4.03 billion in assets, slightly more than the combined AUM of Grayscale’s two funds, ETHE and ETH, which together hold $4.02 billion, according to SoSoValue data.
The BlackRock fund’s outflows were partially offset by inflows of $6.6 million into Grayscale ETH on Friday and $1.8 million into VanEck ETHV, which has an AUM of $114.8 million. The price of ETH has fallen about 5 percent over the past seven days, according to The Block’s Ethereum Price, and dipped below $2400 on Saturday afternoon.
Despite the outflows, ETH funds have recorded about $840 million in total net inflows since the beginning of the month. The data suggests that institutions remain positive about the medium-term growth of cryptocurrencies, but Ethereum’s catch-up phase seems to be over,
Said Valentin Fournier, lead analyst at BRN, speaking to The Block recently.
While Ethereum funds were losing money, spot bitcoin-ETFs updated their record for total inflows on Friday, marking the fifth consecutive day of such a result, according to SoSoValue data. Total net inflows into the funds reached $46.7 billion.