Ethereum ETFs lose $86.8 million recording no inflows

Ethereum ETFs lose $86.8 million recording no inflows 

The nine Ethereum ETFs recorded an $86.8 million outflow for the day pulling in no funds. 

It has been a rollercoaster for the Ethereum ETFs ranging between both extremes. Ethereum ETFs recorded all inflows and no outflows a day before yesterday. The opposite was the case yesterday with the ETFs recording all outflows and no inflows. 

Trading activity has been quite minimal for the Ethereum ETFs with very few ETFs recording transactions. 

Six out of the Nine Ethereum ETFs recorded no transactions for the day leaving out only three. 

The scenario was worse on Jan 06 when seven Ether ETF funds recorded no transactions. 

Farside Investors UK revealed that Fidelity’s FETH led the outflows for the day losing $67.6 million. Grayscale’s ETHE followed suit losing $11.2 million while Grayscale’s ETHE lost $8.0 million for the day. 

The Net outflow for the nine Ethereum ETFs stood at $86.8 million after two days of successive inflows for the ETFs. 

Ethereum drops by 8.5% following market correction 

The general crypto market retraced slightly today with Bitcoin dropping by 5% while ethereum dipped by 8.3%. At the time of the report, Ethereum is exchanging hands for $3,334 and is 31.4% down from its all-time high. 

The market correction is driven by rising inflation fears and strong US economic data. 

The market is expected to experience more volatility following Donald Trump’s inauguration by Jan 20.