Eric Balchunas, senior ETF analyst at Bloomberg, has some good news for market participants who are disappointed by the seemingly underwhelming performance of Ethereum ETFs.
According to Balchunas, these products are seeing “very healthy” inflows and trading volumes.
Tough days ahead
Despite this optimism, Balchunas has warned that the next few days could be “tough” for these products due to outflows from Grayscale’s ETHE.
On Thursday, these much-anticipated products logged $152.4 million worth of outflows. Grayscale’s ETHE bled a whopping $346 on its first day.
Arman ShirinyanSo far, Ethereum ETFs have had only one day of positive inflows, which was their debut day.
Will this be over soon?
Still, Balchunas is convinced that the intensity of these unlocks is going to die down sooner compared to GBTC.
As reported by U.Today, the Ethereum price has been severely affected by underwhelming post-debut outflows, as well as the most recent stock market drop.
Alex DovbnyaStill, some market analysts are convinced that Ethereum's bearishness will subside in the near future. Digital expert Miles Deutscher recently called the Ethereum pullback "an opportunity," while adding that Bitcoin also endured a major correction shortly after the ETF launch only to hit a new record high in March.
Yuri Molchan
Denys Serhiichuk