Ethereum ETFs Log Nearly $22 Million Worth of Outflows

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Ethereum ETFs: The Drama Unfolds! 💸😱

So, according to our friends at SoSoValue (which sounds like a discount store for crypto), Ethereum exchange-traded funds (ETFs) just had a little meltdown, logging a whopping $22 million in outflows on Tuesday. I mean, who needs money anyway? 🙄

BlackRock’s iShares Ethereum Trust ETF (ETHA) took the crown for the biggest outflow, losing $11.82 million. It’s like watching a sad puppy lose its favorite toy. Meanwhile, Fidelity Ethereum Fund (FETH) followed closely behind, shedding $9.75 million. Can we get a moment of silence for these poor ETFs? 😢

And guess what? This isn’t just a one-time thing; these products have now recorded five consecutive days of outflows. That’s like a bad breakup that just keeps dragging on.

But wait, there’s more! Bitcoin ETFs are also in the red, but in a different way, with a total of $371 million worth of inflows. It’s like watching your ex thrive while you’re still trying to figure out how to fold a fitted sheet.

Fidelity’s Staking Dreams 💭

Now, let’s talk about Fidelity. They’re trying to enable staking, which is basically like putting your money to work while you binge-watch Netflix. The launch of Ether ETFs was supposed to be a big deal, but they’ve been about as exciting as watching paint dry compared to Bitcoin.

The industry is feeling a bit let down by the lack of staking, which could help investors earn some sweet, sweet yield and make the U.S. a contender in the digital asset arena. Plus, staking is crucial for keeping the network safe. You know, like a digital bodyguard.

Earlier this week, Fidelity decided to ask the regulator to enable staking for its ETF. If they get the green light, it’ll be the first Ether ETF that lets you stake your assets. Fingers crossed! 🤞

Oh, and just a little side note: staking is one of the top priorities for the new SEC administration. So, you know, no pressure, guys!

ETH: The Underperformer of the Year 🥴

In other news, the ETH price took a nosedive to an intraday low of $1,874 on the Bitstamp exchange. Ouch! That’s more than a 43% drop this year. Talk about a rough patch!

But hold on! Consensys CEO Joseph Lubin is here to sprinkle some optimism on this gloomy situation. He recently said he’s never been more bullish on cryptocurrency after the recent “shakeout.” “Not financial advice, of course,” he added, “but we are either in, or approaching an epic setup.” Epic setup? More like epic rollercoaster! 🎢

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2025-03-12 08:57