Spot Ethereum Exchange Traded Funds (ETFs) in the United States recorded an inflow of $98 million after trading hours yesterday with Blackrock’s ETHA amassing nearly $900 million in total from the first day of trading.
The crypto market is recovering from a severe market crash that occurred on Monday which saw many top crypto assets drop significantly in price. Bitcoin dropped below $50,000 for the first time since February while Ethereum fell to a price level it last witnessed in January.
The Ethereum and Bitcoin ETFs have performed modestly following the Monday crash.
Ethereum ETFs recorded an inflow of $98 million after trading hours yesterday.
According to Data from Farside Investors UK, leading the inflow for the day is Blackrock’s ETHA which logged an inflow of $109.9 million. Fidelity’s FETH recorded an inflow of $22.5 million while Grayscale’s Mini trust logged an inflow of $4.7 million.
The smallest inflow for the day was recorded by Franklin Templeton’s EZET which experienced $1.0 million.
The inflows by the Ethereum ETF products were offset by Outflows on Grayscales’ ETHE with $39.7 million leaving the fund.
Blackrock’s ETHA’s total position since the Ethereum ETFs launched has hit $869.8 million a little under $900 million.
It remains the biggest Ethereum ETF product in terms of inflow. This is interesting because Blackrock’s Bitcoin IBIT is also the largest in terms of inflow amongst the 12 Bitcoin ETFs.
Bitcoin ETFs record $148 million in Net Outflows
Spot Bitcoin ETFs in the United States recorded a net outflow of $148.6 million on a trading day that ended on a deficit.
According to Data from Farside Investors, Fidelity’s FBTC led the outflows for the day with $64.5 million leaving the funds. Grayscale’s GBTC followed with a net outflow of $32.2 million and Ark Invest and 21Shares’ ARKB logged $28.88 million in net outflows. Franklin Templeton’s Bitcoin Fund lost $23 million on Tuesday.
Blackrock’s IBIT the largest ETF by volume of inflow recorded zero activity yesterday alongside seven other ETF products.
Since the 12 Bitcoin ETFs launched in January, They have accumulated a total net inflow of $17.12 billion.
How is Bitcoin and Ethereum faring at the moment?
Bitcoin and Ethereum have both recovered slightly from the Monday market crash.
At the time of this report, Bitcoin is exchanging hands for $57,496 surging by 4.4% in the last 24 hours with a maximum price of $57,607 and a minimum price of $54,577.
Ethereum on the other hand is exchanging hands for $2,530 surging by 3.1% in the last 24 hours with a maximum price of $2,546 and a minimum price of $2,423.
What to Know
- The crypto market witnessed a severe crash on Monday resulting from Macroeconomic and crypto-related factors. However, the market has slightly recovered at the moment.
- Factors like the US unemployment situation, rising geopolitical tensions, and the crash of the Japanese stock market contributed to the Monday crash.