The second day of trading for the Ethereum spot ETF looked very different from the first day when more than $133 million was taken out of the market.
Ethereum spot ETFs on the first day featured strong trading as more than $106 million poured into the market as a whole. BlackRock's ETHA and Bitwise's ETHW lead the way with $266.5 million and $204 million respectively. They even managed to reduce the impact of outflows from ETHE Grayscale, when $484 million was taken out of the exchanged funds.
However, the landscape on the second day was completely different. Grayscale products experienced outflows of $326.9 million, while demand for other ETFs was not visible, and total withdrawals for the day jumped to $133.3 million. Only FETH from Fidelity had an impressive day with inflows of $74.5 million.
As expected, the price of ETH suffered from the disappointing performance of this newly launched product. The asset fell from near the $3,500 price level to a multi-day low of $3,147 in today's trade, marking a 10% decline.
Over $100 million in ETH long positions have been wiped out in the past day, which is a third of the total ($292 million so far).