ETH Drops Under $3,200 as Spot Ether ETFs Record $133 Million Outflows

The price of ether fell more significantly than bitcoin, as outflows from spot ether ETFs topped $133 million.

Massive outflows from Grayscale’s Ethereum Trust (ETHE) continues to impact net flows of the newly listed U.S. spot ether exchange-traded funds (ETFs).

Seven of the nine spot ether ETFs recorded inflows on their second day of trade, but $326.9 million outflows from Grayscale’s ETHE resulted in a total daily outflow figure of $133.2 million across all funds, according to data from SosoValue.

BlackRock’s Ishares Ethereum Trust ETF (ETHA) saw a more modest inflow of $17.44 million, after a sizeable $283.9 million flowed into the fund on day one.

Other ether ETF issuers also saw a fraction of the inflows a day prior, while 21Shares’ Core Ethereum ETF (CETH) did not see any inflows at all.

The price of ether was down 8% over the last 24 hours, trading at around $3,184 at the time of writing. Around $101 million worth of ETH positions were liquidated over that period, with 96% of traders being in long positions, according to data from Coinglass.

While the price action paints a negative picture, it is worth noting that the price of bitcoin fell 20% in the week that followed the launch of spot bitcoin ETFs. Outflows from Grayscale’s ETHE fund are also around five times higher than the outflows from the Grayscale Bitcoin Trust (GBTC) when it converted into an ETF.

“The major difference to me is the comparatively massive ETHE outflow. I think GBTC didn’t have that on day 1 because it was still at a meaningful discount when it launched,” said Bloomberg ETF analyst James Seyffart on X.

Ether’s declining price comes amid a broader crypto market selloff, following the Nasdaq’s worst day since 2022. Notably, the price of bitcoin was down considerably less, only falling 2.5% over a 24-hour period, and trading at around $64,160 at press time.