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.
