rewrite this title US Ethereum ETFs Surpass Weekly Record With $787M Outflow — Details | Bitcoinist.com

There is no question as to how impressive the performance of the US-based Ethereum ETFs (exchange-traded funds) has been in the past quarter. However, the crypto-linked investment products have had a nightmare start to the month of September.

As seen with the sluggish price action of ETH, the cryptocurrency market seems to be witnessing a phase of investor uncertainty and indecisiveness. These struggles appear to be finally translating to the performance of the Ethereum ETFs, which just recorded their worst week in terms of capital inflows.

Ethereum ETFs Register $446M Outflow To Close Week

According to the latest market data, the US Ethereum ETF market posted a total net outflow of $787.74 million in the past week, its worst performance since launch. Contributing mostly to this significant figure were the withdrawals on Friday, September 5, which saw more than $446.7 million flow out of the exchange-traded funds.

BlackRock’s iShares Ethereum Trust (with the ticker ETHA) witnessed the most significant on the day, registering a total net outflow of $309.88. Grayscale’s Ethereum Trust (ETHE) followed in second place, seeing a total net withdrawal of $51.7 million to close out the week.

Fidelity Ethereum Fund (FETH) and Grayscale’s Ethereum Mini Trust (ETH) recorded total daily net outflows of $37.7 million and $32.62 million, respectively. 21Shares Ethereum ETF (TETH) was the only other spot Ether fund that recorded any activity on Friday, posting a net outflow of $14.68 million.

Source: SoSoValue

Friday marked the fifth consecutive day of outflows for the spot Ethereum ETFs, with no single positive inflow day so far in September. As earlier mentioned, the negative $450-million performance on Friday pushed the weekly record to nearly $790 million, the highest withdrawals ever recorded by Ethereum ETFs in a single week.

Ethereum Price Struggles Below $4,500

Less than two weeks ago, the price of Ethereum set a new all-time high and was on the verge of breaking the $5,000 mark for the first time ever. However, the altcoin has since fallen under significant bearish pressure, struggling to break above $4,500.

The performance of Ethereum ETFs over the past week has expectedly mirrored the altcoin’s sluggish price action. As of this writing, the Ethereum token is valued at around $4,276, reflecting an almost 1% decline in the past 24 hours. According to data from CoinGecko, the second-largest cryptocurrency is down by 2% in the last seven days.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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