BlackRock's Spot Ether ETF || Investors Bought the Dip as Ether Tanked
BlackRock's Spot Ether ETF || Investors Bought the Dip as Ether Tanked
Spot ether exchange-traded funds (ETFs) reported their second-best day of inflows since their July 23 launch on Monday, even as ether (ETHUSD) prices crashed amid a broad market rout.
Ether, Ethereum's underlying cryptocurrency and the second-largest crypto asset by market cap dipped below $2,116 yesterday, a 26% drop from the previous day's high of slightly more than $2,900.
According to Farside Investors, spot ether ETFs saw inflows of $48.8 million on Monday despite the sharp price decline.1 Almost 96% of the total inflows, or $47.1 million, went into BlackRock's iShares Ethereum Trust ETF (ETHA). Grayscale's Ethereum Trust (ETHE) continued to see outflows, with investors pulling out $46.8 million.
Bitcoin's price declined by around 18% and dropped below $50,000 for the first time since February. Unlike ether, spot bitcoin ETFs experienced net outflows of $168.4 million, according to Farside Investors.
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