Ethereum Funds Experience First Outflows After Strong Week
Ethereum ETFs experienced outflows of $118 million over three consecutive days in early October, following a strong week that saw them bring in $690 million.
This trend marks a reversal from earlier this month when Ethereum funds attracted an influx of new investors, including the iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH), which added $326 million and $174 million respectively.
The outflows, which occurred on September 29-October 1, indicate that investors may be rotating out of Ethereum funds in favor of Bitcoin, as Bitcoin ETFs attracted $103 million on October 1 while Ethereum funds lost $55 million.
Despite the recent decline, Ethereum ETFs still hold around $17.7 billion, with a net total of $13.8 billion invested since their launch. This suggests that investors remain interested in Ethereum, but are exercising caution in light of the asset's 57% gain in the third quarter.