As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations and regulatory announcements. The recent launch of the BlackRock Ethereum ETF has certainly stirred up some excitement within the crypto community, and the data we’re seeing is no exception.
On the second day of the Ethereum ETF’s debut, there was significant activity. According to on-chain information, the BlackRock iShares Ethereum ETF obtained approximately 76,669 Ethereum from Coinbase Prime. This indicates robust institutional demand for BlackRock’s newly introduced Ethereum investment vehicle in the market.
BlackRock Ethereum ETF in Demand
Two days after its debut, the BlackRock iShares Ethereum ETF has been drawing the most attention in the Ethereum world. On its opening day, this ETF experienced an impressive influx of $266 million. However, the amount of money flowing into it decreased substantially on the second day, with a mere $17 million added to its assets. Currently, BlackRock manages a total of 79,699 ETH for this specific ETF.
Approximately 76,669 units of Ethereum, equivalent to around $262.4 million, were transferred from Coinbase Prime to the Ethereum ETF wallet managed by BlackRock (iShares) ten hours ago.
According to #BlackRock‘s official website, #BlackRock currently holds 79,699 $ETH($277M).
— Lookonchain (@lookonchain) July 25, 2024
Based on the information I’ve gathered from Farside Investors, I’ve noticed that spot Ethereum Exchange-Traded Funds (ETFs) have experienced significant outflows, totaling $133 million on just their second day of availability. Consequently, this has resulted in negative net flows for Ethereum ETFs as a whole. As a crypto investor, I find this trend noteworthy and may consider adjusting my investment strategy accordingly.
The conversion of The Grayscale Ethereum Trust (ETHE) into an Exchange-Traded Fund (ETF) has led it to account for the majority of recent outflows. Specifically, on July 24, Grayscale’s ETHE experienced net withdrawals amounting to $386 million, adding up to over $811 million in two consecutive days. Consequently, its assets under management (AUM) have fallen below $8.0 billion. In contrast, the Grayscale Ethereum mini-Trust has witnessed a surge in inflows, totaling $45 million.
Over the past day, Grayscale transferred 140,044 Ethereum (worth approximately $485.6 million) to Coinbase Prime, while receiving 4,382 Ethereum (around $14.8 million) from Coinbase Prime. The net difference represents a significant outflow of over 135,600 Ethereum (approximately $470.8 million).
According to #Grayscale‘s website, #Grayscale currently holds 2,489,075 $ETH($7.9B).…
— Lookonchain (@lookonchain) July 25, 2024
ETH Price Under Selling Pressure
Recently, the cost of Ethereum has experienced significant downturn, plunging by over 8% and reaching as low as $3,150. It seems that the anticipated approval of an Ethereum Exchange-Traded Fund (ETF) has led to profit-taking among investors, resulting in this price decrease prior to the ETF becoming available.
According to market analysts, Ethereum might experience a two-week decline, much like Bitcoin, before reaching another record-breaking peak.
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2024-07-25 08:30