US-based Ethereum ETFs (exchange-traded funds) have been killing it lately, but September started with a major slump. Investors seem a bit unsure about crypto right now, and that’s showing up in ETF performance.
A Record-Breaking Outflow
Last week was the worst ever for Ethereum ETFs, with a staggering $787.74 million flowing out. Friday, September 5th, was particularly brutal, seeing over $446.7 million withdrawn.
Here’s the breakdown of some key players:
- BlackRock’s iShares Ethereum Trust (ETHA): Lost the most, with $309.88 million pulled out.
- Grayscale’s Ethereum Trust (ETHE): Saw $51.7 million leave.
- Fidelity Ethereum Fund (FETH): Lost $37.7 million.
- Grayscale’s Ethereum Mini Trust (ETH): Saw $32.62 million withdrawn.
- 21Shares Ethereum ETF (TETH): Lost $14.68 million.
This was the fifth day in a row with outflows – not a single day of inflows in September so far.
Ethereum’s Price Dip
Ethereum’s price was soaring just a couple of weeks ago, almost hitting $5,000. But it’s been struggling since, currently trading around $4,276 (down almost 1% in the last 24 hours and 2% in the last week). The ETF slump seems directly tied to this price drop.