Ethereum
Ether (ETH) Drops Over 7.5% as ETHE Outflows Surge
Ether (ETH) is down more than 7.5% in the early hours of the East Asian trading day, trading above $3,100 as the market continues to be preoccupied by outflows from Grayscale’s converted Ethereum Trust ETF (ETHE).
Market data from SoSoValue shows that ETHE has seen a net outflow of over $810 million. This is similar to the first few weeks of Grayscale, another large crypto trust, GBTC, when it experienced large capital outflows during the first weeks of Bitcoin ETF trading earlier this year.
Most other ETH ETFs continued to be in the green in terms of flows during Wednesday’s session, with BlackRock’s ETHA leading the pack with $283.9 million in inflows, followed by Bitwise’s ETHW, which saw $233.6 million in inflows, and in third place Fidelity’s FETH which saw $145.7 million in inflows.
ETH is down 6% over the past month, but remains up 72% over the past year.
Overall, Ether has surpassed the CoinDesk 20 (CD20), an index that tracks the largest digital assets, has been up 21.6% year-to-date compared to ETH which is up 35%.
CORRECTION (July 25, 07:39 UTC): Corrects the direction of monthly ether movement in the fourth paragraph.