{"id":9055,"date":"2024-09-24T11:54:32","date_gmt":"2024-09-24T11:54:32","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9055"},"modified":"2024-09-24T11:54:32","modified_gmt":"2024-09-24T11:54:32","slug":"eth-btc-prices-unfazed-by-the-massive-outflows-from-grayscales-ethereum-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9055","title":{"rendered":"ETH, BTC Prices Unfazed by the Massive Outflows From Grayscale\u2019s Ethereum, Bitcoin ETFs"},"content":{"rendered":"

The two largest Grayscale funds operating on US stock exchanges \u2013 GBTC and ETHE \u2013 saw substantial net outflows on Monday.<\/p>\n

Nevertheless, the prices of the underlying assets have remained stable and even managed to record some minor gains in the past 24 hours.<\/p>\n

Ethereum ETFs in Bad Shape<\/h2>\n

CryptoPotato<\/em> has repeatedly reported<\/a> the lack of actual demand and interest in the spot Ethereum ETFs ever since they saw the light of day in July this year. Not only have they failed to attract significant inflows, but their overall numbers are in the red, and even BlackRock\u2019s $1 billion product could not make up the losses from Grayscale\u2019s converted private fund into an exchange-traded one.<\/p>\n

In fact, ETHE has been in the red for almost all of its existence. Out of the 44 trading days since the July launch, ETHE has seen net outflows in 38 and has seen zero flows in the remaining six.<\/p>\n

Last Thursday and Friday were slightly positive for all Ethereum ETFs, with minor net inflows<\/a> of $5.2 million and $2.9 million, respectively. ETHE saw no withdrawals during both of those days, but the landscape changed yesterday as investors pulled out $80.6 million from the fund.<\/p>\n

The overall net outflows stood<\/a> at $79.3 million, the highest since July 29, as Bitwise\u2019s ETHW saw $1.3 million in inflows.<\/p>\n

Interestingly, ETH\u2019s price has remained unfazed by Monday\u2019s big withdrawal. The second-largest cryptocurrency registered a four-week peak at almost $2,700 yesterday after surging by 14% in the past week.<\/p>\n

<\/a>Ethereum\/Price\/Chart 24.09.2024. Source: TradingView<\/p>\n

Bitcoin ETFs Remain in the Green<\/h2>\n

Grayscale\u2019s largest Bitcoin fund \u2013 GBTC, also saw noteworthy withdrawals yesterday, with $40.3 million taken out. However, its smaller fund \u2013 BTC, as well as BlackRock\u2019s IBIT and Fidelity\u2019s FBTC, managed to offset the losses.<\/p>\n

The largest Bitcoin ETF attracted $11.5 million in net inflows, BTC saw $8.4 million poured in, and FBTC emerged on top with $24.9 million. Consequently, the final figure for the day for all spot Bitcoin ETFs was slightly in the green, $4.5 million.<\/p>\n

Bitcoin\u2019s price has been relatively sluggish on a daily scale but has gained 7.5% in the past week. As a result, it now trades around $63,500, with experts and analysts speculating about an upcoming massive rally, which you can read more about \u2013 here<\/a>.<\/p>\n

<\/a>Bitcoin\/Price\/Chart 24.09.2024. Source: TradingView<\/p>\n

The post ETH, BTC Prices Unfazed by the Massive Outflows From Grayscale\u2019s Ethereum, Bitcoin ETFs<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The two largest Grayscale funds operating on US stock exchanges \u2013 GBTC and ETHE \u2013 saw substantial net outflows on Monday. Nevertheless, the prices of the underlying assets have remained stable and even managed to record some minor gains in the past 24 hours. Ethereum ETFs in Bad Shape CryptoPotato has repeatedly reported the lack […]<\/p>\n","protected":false},"author":0,"featured_media":9056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9055"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9055"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9056"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}