The Ethereum price plunged more than 7% in the last 24 hours after spot ETH ETF (exchange-traded fund) outflows hit $113.3 million led by an $810 million hit for Grayscale’s Ethereum Trust (ETHE).
The outflows posted by Grayscale’s ETHE overshadowed the net inflows registered by the other seven funds. Leading the pack were the Fidelity Ethereum Fund (FETH) with $75.4 million in inflows and the Bitwise Ethereum ETF (BITW) with $29.6 million.
BlackRock’s ETH ETF Sees $17.4 Million In Inflows
BlackRock’s iShares Ethereum Trust (ETHA) saw $17.4 million enter its coffers on July 24 after the fund had posted the highest inflows of the new spot Ethereum ETFs during their debut on July 23. Despite ETHA’s lackluster performance, it was still able to outperform Grayscale’s ETHE.
Launched in 2017, ETHE allowed investors to purchase the largest altcoin by market cap. However, there was a six-month lock-up period imposed on all investments.
Following its recent conversion to an ETF, investors have already sold off more than 9% of the fund’s holdings as they seek lower fees offered by other newly launched ETH ETFs.
Meanwhile, renowned crypto trader and analyst Michael van de Poppe warned that the crypto market could undergo a “minor correction” as investors continue to exit ETHE.
In a July 25 X post to his 722K followers, he based his prediction off of a similar pattern seen with the launch of spot Bitcoin ETFs and the immediate selloff from Grayscale’s converted Bitcoin Trust.
Crypto Market Hit With More Than $290 Million Liquidations
ETH’s recent price drop resulted in just over $97.5 million in long Ethereum positions being liquidated during the past 24 hours, according to CoinGlass .
On the other hand, only around $4.1 million in short ETH positions were liquidated during the same period.
The largest single liquidation order was for BTC/USDT on the leading crypto exchange Binance for about $11.7 million. Overall, trades worth more than $290 million were liquidated by 73,493 investors.
Related Articles:
- Upcoming Crypto Presales: Unlock Early Investment Opportunities!
- Dogecoin Predicted To Soar 131% This Year As PlayDoge Hurtles Past $5.8M In Presale
- Solympics Price Surges 239% In A Week, But Experts Say This New ICO Might Be The Official Meme Coin For The 2024 Paris Olympics
