Ethereum ETFs See Largest Outflows Since July: Is Waning Institutional Demand Hurting ETH?
Ethereum exchange-traded funds (ETFs) experienced significant outflows, totaling $79.2 million on September 23, marking the largest outflow since July 2024. The majority of these outflows came from Grayscale’s Ethereum Trust, which saw $80.6 million exit, leading to a cumulative net outflow of $2.85 billion. In contrast, Bitwise’s ETHW recorded net inflows of $1.3 million. Ethereum ETFs now hold total net assets of $7.2 billion, significantly less than Bitcoin ETFs at $57.9 billion. The ETH/BTC trading pair has reverted to levels last seen in April 2021, with ETH failing to reach its all-time high of $4,878 since November 2021. Speculation about competing cryptocurrency ETFs, such as Ripple’s XRP, adds to the challenges for ETH ETFs. Despite these issues, some analysts remain optimistic about Ethereum's potential recovery, predicting significant inflows and a possible trend reversal in Q4 2024. ETH is currently trading at $2,610, down 1.7% in the last 24 hours.
