On the second day of the Spot Ether ETF, net outflows totaled $133 million across the US market. The data was first shared by Trader T, and many in the market are now calling it a significant net outflow. Interestingly, it was only Grayscale Ethereum Trust (ETHE) that banked net outflow out of all other approved Ether ETF applications.
ETHE marked a net outflow of $326.86 million.
Fidelity’s FETH and Bitwise ETHW’s inflows were $74.46 million and $29.64 million, respectively. Grayscale Ethereum Mini Trust succeeded in following FETH at the second spot with net inflows worth $45.93 million. BlackRock trailed VanEck, trading at the 4th position. ETHV and ETHA traded net inflows of $19.84 million and $17.44 million, respectively.
Trading volume closed at $951 million on Wednesday. The number is lower in comparison to the debut day, when the trading volume was $1.05 billion. The crypto market still recognizes the debut of Spot Ether ETF as a historic moment. It is speculated to overperform Spot Bitcoin ETF in the first 18 months, subject to market conditions and the economic performance of the US.
That said, the Spot Bitcoin ETF registered a flow of $44.51 million on Wednesday. SosoValue initially released the figure, stating that all eleven Spot Bitcoin ETFs in the US market contributed to its accumulation. Grayscale’s GBTC remained the only product to mark a net outflow of $26.22 million.
BlackRock’s IBIT topped the list with a net inflow of $65.99 million. Ark and 21Shares ARKB followed with a net inflow of $3.23 million. Fidelity’s FBTC registered a net inflow of $1.44 million on the same day.
Meanwhile, Ether is hovering around a lower value of $3,175.55. It has dropped 7.84% in the last 24 hours. This is a potential dip that investors and traders are looking to buy before it sees a massive surge. Needless to say, there is no guarantee about how high it can, or will, go in the coming years or what the precise timeline for that rise will be. ETH is also down by 7.56% in the last 7 days and 5.51% in the past 30 days.
According to projections, ETH will surge by 3.71% over the next 30 days to trade at $3,463.74, with a volatility of 5.43%.
The net outflow of $133 million on the second day of Spot Ether ETF came at a time when Arkham data reflected the transfer of 4,381 ETH tokens to Grayscale addresses from Coinbase Prime in 10 hours. At that time, their value was $14.79 million, which likely put aside the speculation about transferring those holdings to other digital assets.