U.S. spot Ether ETFs saw a record $465M outflow Monday, led by BlackRock, after weeks of record-breaking inflows, Farside data shows.
According to statistics from Farside Investors, U.S. spot Ether exchange-traded funds (ETFs) led by BlackRock saw daily net outflows of nearly half a billion dollars on Monday, the biggest ever since their debut.
Spot Ether ETFs saw net withdrawals of $465 million on Monday, the second day of outflows since breaking a 20-day inflow run on Friday with net outflows of $152 million, according to data from Farside Investors.
The steep decline points to a possible change in investor attitude following a robust July performance, in which net inflows into spot Ether ETFs reached a record $5.43 billion.
At the same time, ETH fell 12% from its Thursday price of $3,858 to $3,380 on Sunday.
According to CoinGecko, the cryptocurrency recovered on Tuesday and increased to $3,629.
Damage Is Done To BlackRock As ETFs Cool Off
With net outflows of around $375 million on Monday, asset manager BlackRock’s iShares Ethereum Trust (ETHA) suffered the most, according to SoSoValue data.
The ETF still has $10.7 billion in net assets and a cumulative net inflow of $9.3 billion.
With $55.11 million, the Fidelity Ethereum Fund (FETH) saw the second-largest outflow of the day.
The ETF has $2.4 billion in net assets and a cumulative net inflow of $2.2 billion.
On Monday, the Grayscale Ethereum Mini Trust (ETH) and the Grayscale Ethereum Trust (ETHE) both had net outflows of $28 million and $6.9 million, respectively.
In contrast to Grayscale’s ETH, which has a cumulative inflow of $1.1 billion and net assets of $2.3 billion, ETHE has a cumulative net outflow of $4.3 billion and net assets of $4.1 billion.
Institutions, Whales Are Still Purchasing ETH
Blockchain data indicates that institutional demand for ETH is still high, despite significant outflows from Ether ETFs.
Three wallets thought to be held by whales or institutions purchased a total of 63,837 ETH, or around $236 million, through over-the-counter transactions with FalconX and Galaxy Digital, according to research released on Tuesday by blockchain analytics company Lookonchain.
Lookonchain has discovered 14 new wallets since July 9, with a total of 856,554 ETH, worth more than $3.1 billion.
