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BlackRock's Spot Ether ETF Investors Bought the Dip as Ether Tanked

BlackRock execs ring closing bell on Nasdaq two days after iShares Ethereum Trust ETF (ETHA) was listed

Bloomberg / Contributor / Getty Images

Key Takeaways

  • Ether fell to a low of $2,116 yesterday, a decline of 26% from the previous day's high.
  • Despite the drop, spot ether ETFs saw $48.8 million in inflows on Monday, with $47.1 million of that total flowing into BlackRock's ETHA.
  • The bitcoin price also fell on Monday; however, spot bitcoin ETFs saw $168.4 million in outflows.

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, which is the underlying cryptocurrency of Ethereum and tಞhe 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.

Despite the sharp price decline, spot ether ETFs saw inflows of $48.8 million on Monday, according to Farside Investors. 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, w🐼♊ith investors pulling out $46.8 million.

Bitcoin saw a price decline of around 18% and 澳洲幸运5开奖号码历史查询:dropped below $50,000 for the first time since February. Unlike ether, s🍒pot bitcoin ETFs experienced net outflows of $168.4 million, according to Farside Investors.

Investors pulled money out of three funds—Fidelity's Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Grayscale's Bitcoin Mini Trust—while other products showed zero net flows.

On Tuesday, the price of bitcoin (BTCUSD) reb🌺ounded to nearly $57,000, while ether traded close to $2,500.

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