Spot Ethereum exchange-traded funds have recorded an immediate net outflow on their second day of trading in the United States.
According to data provided by Farside Investors, spot Ethereum (ETH) ETFs witnessed a net outflow of $133.3 million on Wednesday, July 24. Notably, only the Grayscale Ethereum Trust (ETHE) saw an outflow of $326.9 million.
On their first trading day, spot ETH ETFs recorded over $1 billion in trading volume with $106.6 million in net inflows.
Data from Farside Investors shows that the total outflow from the ETHE fund has already reached $811 million over the past two days. The Grayscale Ethereum Mini Trust (ETH), on the other hand, saw $45.9 million and $15.1 million on July 24 and 23, respectively.
Most of the inflows came from the Fidelity Advantage Ether ETF (FETH), worth $74.5 million.
Moreover, the WisdomTree Physical Ethereum Securities ETP (ETHW) and the VanEck Ethereum ETF (ETHV) registered $29.6 million and $19.8 million in inflows, respectively.
BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $17.4 million in inflows yesterday, per Farside Investors. The investment product’s inflows reached $266.5 million on July 23.
Franklin Ethereum ETF Fund (EZET) and Invesco’s Ether Fund (QETH) had smaller shares of the net inflows, each worth $3.9 million and $2.5 million. 21Shares Core Ethereum ETF (CETH) remained neutral as the market moved back into bearish momentum.
Following the significant net outflows from Ethereum ETFs, the Ethereum price plunged by 7.6% over the past 24 hours. The second-largest cryptocurrency is trading at $3,180 at the time of writing. ETH’s market cap is currently hovering at $382 billion with a daily trading volume of $21.3 billion.
It’s important to note that the broader crypto market is also wandering in the bearish zone. According to data from CoinGecko, the global cryptocurrency market capitalization declined by 3.4% over the past day and is currently sitting at $2.43 trillion.
