Ethereum Spot ETF records Net Outflow of $37.5 Million

Spot Ether ETF experienced a positive outflow for the second day in a row on September 4, 2024. Grayscale led the change with a negative movement worth $40.6 million, which was balanced only by Grayscale’s ETH with an inflow of $3.1 million. The previous day’s net outflows were $47.4 million, again led by Grayscale’s ETHE. The total net asset value now amounts to $6.728 billion, with a net asset ratio of 2.28%.

That said, ETH was up 0.63% to $2,392.47 at the time of writing this article. It further reflects a drop of 6.46% in the last 7 days and a surge of 6.95% in the last 30 days. The trading volume has dropped by more than 5.5% while the market cap has soared by 0.78%. The second-ranked cryptocurrency is aiming to rebound from the recent crash. The previous attempt was unsuccessful due to the market collapse, which was followed by NVIDIA’s failure to achieve its target.

Investors may have overestimated the AI-chip giant in the US, given that the entire sector has yet to turn a profit and is currently draining funds. Many companies are securing investments, but the returns that investors want are not on the horizon. Furthermore, it is uncertain when AI-backed products will hit the market and when they will generate revenue for the companies.

Another factor that is affecting Spot Ether ETF, or ETH, or the entire crypto market for that matter, is the much-awaited report by the Federal Reserve. It is likely to shed light on crucial aspects like inflation, unemployment data, and rate cuts. The ongoing political situation, in which the Crypto President anticipates a challenge from the Harris-Walz team, is fueling this.

The total net outflow for Spot Ether ETF stands at $562.3 million as of September 4, 2024. BlackRock is the only issuer to have surpassed the billion-dollar milestone. Interestingly, data about ETHA remains unreported for 5 consecutive days. The last time it reported any number was on August 28, 2024, with an inflow of $8.4 million. After five days of insufficient data, that figure was disclosed.

Negatives of Grayscale were expected to subside in August; however, that didn’t happen, and flows are still running in the same direction. If anything, numbers have significantly increased as of September 3, 2024. From being below $10 million, they have now soared to over $40 million, with the lowest figure of $40.6 million recorded on the final day, September 4, 2024.

Spot Ether ETFs are looking at BlackRock to balance the flows, but the numbers are less than visible on the charts. For the last two weeks, ETHA has been reporting once weekly. The figures are likely to be released on Thursday or Friday.

Also Read: ETFs Bleed on Tuesday as Grayscale Dominates Flows