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Hello Investors!
ETH ETFs have been trading since Tuesday. How are they doing?
Let’s see what’s moving the markets today.
Top 3 Market Highlights
How is ETH doing with ETFs?
The demand for ETH ETFs on day 1 surpassed my expectations.
Overall:
Total ETH flows $107.8m —> 16% of BTC flows ($655m)
Total excluding Grayscale $591.9m —> 79% of BTC flows ($750.3m)
@JSeyff
There were significant outflows from ETHE (Grayscale), much higher than in the case of BTC version GBTC.
This is because ETHE had almost no discount compared to ETH's price, whereas GBTC had a significant discount, which motivated investors to hold/buy GBTC as long as there was a discount.
@jbutterfill
However, the sell-offs from ETHE continued on the second day as well, resulting in net outflows of -$19m.
Why is that important?
Outflows from ETHE were high enough to push the price lower (ETH -8.2%).
However, these are inflow numbers the market did not expect. The consensus was around 10-20% of BTC inflows.
If ETHE stabilizes this week, then this can mark the beginning of the new bull cycle faster than I expected.
Nasdaq and S&P 500 log worst day since 2022
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