Ethereum exchange-traded funds (ETFs) suffered devastating outflows of more than $465 million on Monday, according to data provided by SoSoValue.
BlackRock's iShares Ethereum Trust ETF (ETHA) took the biggest blow with $375 million. The Fidelity Ethereum Fund (FETH) comes in second place with $55.1 million.
Not a single Ethereum ETF was in the green on Monday, with several products remaining flat.
Still, ETH is up by roughly 4% over the past 24 hours, meaning that the bulls are not dismayed by the massive outflows.
Off to a rough start
In July, Ethereum ETFs attracted a staggering $5.4 billion worth of inflows. This sum is extremely impressive considering that Ethereum accounts for only one-fifth of Bitcoin's market cap.
Last month, the price of the flagship altcoin soared by nearly 50%, coming awfully close to reclaiming the $4,000 level.
However, Ethereum is off to a terrible start this August with two consecutive days of inflows. On Aug. 1, these products also bled a total of $152.26 million, ending an extremely impressive 20-day streak of consecutive inflows. Total inflows have so far reached $617 million this month.
Despite the recent outflows, Ethereum ETFs are still at $9.02 billion worth of total inflows.
Bitcoin ETFs also take a hit
Bitcoin ETFs also took a significant hit, with $333 million worth of inflows. However, this is far from being the worst day for these products. On Friday, for comparison, they hemorrhaged $812.25 million, recording the second-biggest outflows to date.
It is worth noting that ETF flows can be quite volatile, and Bitcoin ETFs have shown that inflows can spike just as fast as outflows.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team