Ethereum (ETH) spot exchange-traded funds (ETFs) became tradeable on July 23. However, despite initial enthusiasm, these investment funds have struggled to maintain investor interest.
ETH spot ETFs recorded a net outflow of $341.35 million in their first week of trading, marking the largest outflow to date. The second week saw a reduced outflow of $169.35 million. Within two weeks, total net assets plummeted from $9.24 billion to $8.33 billion.
Although ETH’s value declined further in the third week, the ETFs recorded their first and only inflows, totaling $104.76 million. Despite this positive inflow, total net assets still dropped by another 13%, standing at $7.28 billion by the end of the week.
Outflows have amounted to $38 million so far this week, with total net assets at $7.38 billion. On Wednesday, BlackRock’s iShares Ethereum Trust (ETHA) surpassed $1 billion in cumulative net inflows, making it the only fund to reach that milestone.
ETHA’s net assets rank third, behind Grayscale’s mini Ether trust (ETH) and Ethereum trust (ETHE), which have total assets of $4.85 billion and $969.64 million, respectively. ETHA holds total assets of $878.64 million.
As of now, ETH is trading at $2,627, reflecting a 1% price increase over the past 24 hours. A potential buying opportunity is indicated by its negative MVRV ratios, suggesting the asset may be undervalued. If ETH begins an uptrend, buyers could see gains as the price climbs toward $2,868.
However, they risk potential losses if the price drops to $2,579, putting investors “under the money.”