Registration of Ethereum price decline despite the momentum surrounding new Ethereum ETF funds
The price of Ethereum (ETH) dropped by 10% after Ethereum exchange-traded funds experienced outflows of $133 million on the second day.
The second day of trading for Ethereum exchange-traded funds saw a significant change from the first day, with over $133 million withdrawn, greatly affecting the price of Ethereum.
The price of Ethereum fell by 10% in one day in response to the large outflows, reinforcing initial reports that the approval and start of trading would serve as a sell-the-news moment.
As we mentioned earlier at Bitcoin Arabs, Ethereum exchange-traded funds had a strong trading day on July 23, with inflows exceeding $106 million.
However, the situation changed significantly on July 24. The Grayscale product saw outflows of $326.9 million, while there was no significant demand for other funds, raising total withdrawals to $133.3 million.
Fidelity's FETH was the only one to record notable inflows of $74.5 million.
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