Investment outflows from the Fidelity Ethereum Fund (FETH) exceeded $25 million on Oct. 1, marking a new all-time high in daily outflows among all other United States-based spot Ether exchange-traded funds (ETFs), excluding the Grayscale Ethereum Trust (ETHE).
On Oct. 1, the spot Ether (ETH) ETFs saw cumulative outflows of $48.6 million across nine issuers. FETH, ETHE and the Bitwise Ethereum ETF (ETHW) contributed $25 million, $26.6 million and $0.9 million in outflows, respectively.
Source: Farside Investors
The only ETH ETFs to record positive inflows were 21Shares’ Core Ethereum ETF (CETH) and the VanEck Ethereum ETF (ETHV), which brought in $1.2 million and $2.7 million, respectively. The rest reported no change.
Grayscale holds record for daily outflows
Despite Grayscale’s ETHE continuing to hold the record for daily outflows, Fidelity’s milestone underscored the pressure on the ETH ETF market. Still, FETH remains the second-highest in total investments, at $453.5 million.
BlackRock’s iShares Ethereum Trust (ETHA) leads in total investments, surpassing $1.14 billion as of Oct. 1.
Spot Ether ETF total flow of investments. Source: Farside Investors
Despite consistent inflows recorded by other players over the last three months, Grayscale outflows are closing in on the $3 billion mark. As a result, total investments in spot Ether ETFs in the US now show a $572 million deficit.
Related: Bitwise files XRP ETF trust registration in Delaware
Bitcoin ETFs mimic Ethereum outflows
The spot Bitcoin (BTC) ETF market followed a similar trend, recording aggregate outflows of $242.6 million on Oct. 1. This also marked the largest outflows in almost a month since Sept. 3.
The Fidelity Wise Origin Bitcoin Fund recorded the largest outflow at $144.7 million, followed by the ARK 21Shares Bitcoin ETF, which saw an $84.3 million outflow.
US spot Bitcoin ETF total flow of investments. Source: Farside Investors
Spot prices for Bitcoin dropped almost $4,000 after Iran’s missile attack on Israel late on Oct. 1 but had rebounded to $61,750 at the time of publication.
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