Data from Farside Investors indicates that the US Spot Ether Exchange Traded Fund (ETF) experienced nearly $5 billion in daily net outflows on Monday, marking the highest one-day drop since its inception.
According to Farside Investors, the spot ether (ETH) ETF recorded $465 million in net outflows on the second day following a noteworthy drop after a 20-day inflow streak, which had been broken on Friday with a net flow of $152 million.
This abrupt reversal may suggest a shift in investor sentiment, especially after a robust month of July.
In conjunction with this, the price of ETH fell to $3,380 on Sunday, which represented a 12% decline from Thursday’s high of $3,858. By Tuesday, however, the token had bounced back to $3,629, as noted by Coingecko.
BlackRock Faces Major Outflows as ETF Activity Slows
Data from SOSOVALUE shows that BlackRock’s iShares Ethereum Trust (ETHA) bore the brunt of the outflows on Monday, suffering nearly $375 million in net losses. Despite this, the ETF retains a cumulative net inflow of $9.3 billion and a net worth of $10.7 billion.
The Fidelity Ethereum Fund (FETH) recorded the second-largest outflow, amounting to $555 million. Overall, the combined net inflow of ETFs stands at $2.2 billion with a total net worth of $2.4 billion.
Similarly, Grayscale’s ETFs also faced losses on Monday. The Grayscale Ethereum Mini Trust (ETH) experienced a net outflow of $28 million, while the Grayscale Ethereum Trust (ETHE) saw a $6.9 million decline.
Grayscale’s ETHE has faced a cumulative net outflow of $4.3 billion, retaining a net worth of $4.1 billion, while Grayscale’s ETH shows a cumulative inflow of $1.1 billion, totaling a net worth of $2.3 billion.
Institutional Interest in ETH Persists
Even with significant outflows from Ether ETFs, blockchain data suggests that demand for ETH from institutions remains robust.
On Tuesday, the blockchain analytics firm LookonChain reported that three wallets, suspected to belong to major investors, acquired 63,837 ETH, valued at around $236 million, through trading activities involving Falconx and Galaxy Digital.
Since July 9, LookonChain has identified 14 new wallets that collectively hold 856,554 ETH, which exceeds $3.1 billion in value.
