On Monday, despite a significant drop in ether prices, spot ether ETFs experienced substantial inflows, with BlackRock’s ETHA leading the way. Ether prices plummeted to a low of $2,116, a 26% decrease from the previous day’s high of over $2,900.
Despite the market downturn, spot ether ETFs reported their second-best day of inflows since their launch on July 23, with $48.8 million flowing in. Almost 96% of this amount, $47.1 million, was invested in BlackRock’s iShares Ethereum Trust ETF (ETHA). Conversely, Grayscale’s Ethereum Trust (ETHE) saw outflows of $46.8 million. Bitcoin also experienced a price decline of around 18%, dropping below $50,000 for the first time since February. In contrast to ether, spot bitcoin ETFs saw outflows of $168.4 million, with investors withdrawing funds from Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Grayscale’s Bitcoin Mini Trust. On Tuesday, the bitcoin price recovered to nearly $57,000, while ether traded close to $2,500. For those interested in trading cryptocurrencies, consider joining a platform with over 120 million registered users. This platform offers the ability to purchase and trade Bitcoin, Ethereum, or BNB, Binance’s native coin. Whether you are a beginner, crypto enthusiast, or professional, you can benefit from low fees and access to global crypto markets, as well as tools and guides for safely and securely selling, buying, and converting NFTs on the Binance app.