Deniz 
On their third day on the market, spot Ethereum ETFs attracted significant trading activity, but demand is slowing down following their explosive start.
Based on Yahoo Finance data, the combined trading volume across the funds on Thursday was roughly $850 million. Tuesday’s session’s trading volume was over $1.05 billion, then over $950 million on Wednesday.
Wednesday’s net outflows from the ETFs, which reversed Tuesday’s $106.78 million in net inflows, were $1133.16 million. Once more, SosoValue notes that the Grayscale Ethereum Trust (ETHE) had $326.86 million in net outflows; this is the only Ethereum fund that logs outflows. Ether’s price plunged more than 7% over the night before Thursday’s trading session.
“The marked pullback… is not only unsurprising but expected,” Keyrock’s Justin d’Anethan stated. “While the spot Bitcoin ETFs did push prices higher, in the very beginning, crypto markets went down; the memory of the market is short.”
Ether’s declined nearly 8% to $3,263 at publishing time. Its trading volume during the past 24 hours has been $25.9 billion.
“After ETPs launch, the BTC price was initially depressed from a combination of’sell the news’ and large outflows from GBTC,” Bitwise Investment Strategist Juan Leon noted in an X post. “Then inflows into other ETPs ramped up and price shot off.”
After two days of trading, the strategist pointed out ETH is down about 10%. Like the BTC instance, there have been significant outflows from The Grayscale Ethereum Trust (ETHE) that would last for some time and Ether’s price has gone up in the two weeks preceding the spot ETFs open.
“Will it turn out for ETH similarly? Though institutional interest for cryptocurrencies is rising and ETH has now joined BTC as the only two cryptocurrencies having an ETP wrapper,” Leon noted.
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