Three out of the nine existing Ethereum ETF products recorded an outflow of $79.4 million yesterday draining the Ethereum ETFs.
The Ether ETFs were left with a balance sheet of $2.5 million following the significant outflows from the three ETF products.
Farside Investors UK revealed that Grayscale’s ETHE, Grayscale’s ETH, and Bitwise’s ETHW recorded outflows of $49.2 million, $15.6 million, and $14.6 million respectively.
Blackrock’s ETHA recorded the only inflow for the day pulling in $81.9 million on the trading day.
The net inflow for the day stood at a miserly $2.5 million.
The Cumulative Total Net Inflow for the nine ethereum ETF products stood at $2.46 billion with the total value traded at $944 million per data from Soso value. Around 642 Ethereum crypto assets were bought yesterday during trading hours.
Ethereum ETFs launched in July this year have been criticized for severely underperforming in comparison to Bitcoin ETFs.
A Blackrock Executive pinned the reason behind this disparity on the difficulties encountered in educating clients about the Ethereum Ecosystem. The Ethereum ecosystem is a lot more complex with a high barrier of understanding when compared to Bitcoin.
Ethereum Price Analysis
Ethereum at the time of the report is exchanging hands for $3,676 dropping by 4.8% in the last 24 hours.
Ethereum which breached the $4000 price level twice this week is still battling with the prospect of surpassing its three-year all-time high.
The Crypto asset is currently down by 24.5% from its all-time high of $4,878.
