Disaster! Ethereum spot ETF saw a net outflow of $133 million on the second day of trading, with Grayscale being the main culprit

With the second day of the Ethereum spot ETF opening, the market saw a capital outflow of $133 million, mainly attributed to the significant outflow of funds from Grayscale's Ethereum Trust Fund, ETHE. Meanwhile, BTC fell below 64k at noon Taiwan time, and ETH's 24-hour decline exceeded 5%.

Ethereum vs. Bitcoin Spot ETF, Bloomberg Analyst: A very stable first day of issuance!

Ethereum Spot ETF Records Outflow of $133 Million on Second Day

Farside Investors data shows that out of the nine Ethereum spot ETFs currently available in the market, eight of them experienced net inflows on the second day.

However, despite this, the overall market still saw a net outflow of $133.3 million, reversing the initial net inflow of $106.6 million on Tuesday, leaving the current fund flows in a negative state of -$26.7 million.

Fidelity FETH, Bitwise ETHW Slightly Ahead

Today, Fidelity's Ethereum spot ETF FETH, Grayscale's mini Ethereum ETF ETH, and Bitwise's ETHW took the lead with net inflows of $74.5 million, $45.9 million, and $29.6 million respectively.

In contrast, BlackRock's Ethereum spot ETF ETHA, which led on its opening day, only saw a net inflow of $17.4 million, but remains the largest issuer in terms of current assets under management, reaching approximately $284 million.

Grayscale ETHE Sees Outflow of $810 Million in Two Days

Regarding the overall net outflow in the Ethereum spot ETF market, it is hard not to attribute it to Grayscale's other Ethereum spot ETF, Ethereum spot ETF ETHE, which saw an outflow of over $326 million, making it the only fund among all with a significant outflow.

It is evident that investors have witnessed a total outflow of $811 million from ETHE in two days, with over 9% of the fund's holdings being sold off.

A similar situation occurred in the weeks following the launch of the Bitcoin spot ETF, where there were net outflows on six out of ten trading days, attributed to Grayscale's Bitcoin ETF GBTC experiencing a sell-off of over $2 billion.

Bitcoin Spot ETF GBTC Sees Daily Outflow of Ten Thousand Bitcoins, with 500,000 Bitcoins Still to Be Sold?

Concerns Arise Over Grayscale ETHE Outflow as ETH Drops 8% in a Day

Market concerns may have been triggered by the significant outflow from Grayscale ETHE, causing Ethereum's ETH to drop from around $3,300 to around $3,100 at noon today, with a 24-hour decline expanding to 8%.

Meanwhile, Bitcoin BTC saw a slight drop of 2.9% during the day, stabilizing around $64,000.

A shadow also looms over the US stock market, with significant selling pressure, as the S&P 500 index dropped over 2% and the Nasdaq index suffered a heavy blow of 3.64%.

US Stocks Plunge, ETH Follows Ethereum Spot ETF Listing with "sell the news" Market Trend