Ethereum exchange-traded funds (ETFs) logged more than $133 million worth of outflows on their second day of trading, according to data provided by Farside Investors.
Fidelity’s FETH leads the way with $74.5 million worth of inflows. Grayscale’s mini ETF comes in second place with $45.9 million.
BlackRock’s ETHA recorded a modest $17.4 worth of inflows.
However, these inflows were not sufficient to offset the gargantuan outflows recorded by Grayscale’s ETHE, which lost $326 million on Wednesday.
The outflows are expected due to ETHE’s huge 2.5% fee.
As reported by U.Today, Ethereum ETFs debuted with “very solid” inflows. However, it seems like these products might be struggling to maintain their momentum.
The price of Ethereum is down as much as 7.3% over the past 24 hours amid the massive sell-off.
The cryptocurrency has suffered from the double-whammy of disappointing ETF flows and the recent US stock market crash. The tech-heavy Nasdaq-100 index slipped by 3.6%. The Tesla stock was down more than 12% after its earnings failed to live up to Wall Street’s estimates.
Bitcoin dominance grows
In the meantime, Bitcoin dominance has surged to 56%, the highest level in more than a month, despite the hype surrounding the launch of Ether ETFs.
The ETH/BTC pair is down 6% in just two days, and it is likely to continue underperforming if net outflows persist.
For comparison, Bitcoin ETFs, which were originally launched in early January, saw $44.5 million in net inflows on Wednesday. BlackRock’s blockbuster IBIT was in the lead with $60 million in inflows. Grayscale’s GBTC recorded $26.2 million worth of outflows.
On their second day of trading, Bitcoin ETFs recorded $200 million worth of inflows despite selling pressure from Grayscale’s GBTC.
