Ethereum spot ETFs in the United States experienced a significant shift on August 4th, with total net outflows reaching $465.1 million. This marks the largest single-day departure of funds since these investment vehicles were introduced to the market.
According to data from SoSo Value, BlackRock’s ETHA fund was the primary driver of this outflow. The fund saw $375 million withdrawn, establishing a new high for outflows from the fund and bringing to an end a 21-day run of continuous inflows.
Fidelity’s FETH experienced outflows of $55 million. Grayscale’s ETHE and the Grayscale Ethereum Mini Trust also saw withdrawals, amounting to $6.98 million and $28 million respectively. The remaining spot Ethereum ETFs registered no changes in fund flow for the day.
This capital flight follows a period where Ethereum spot ETFs attracted considerable investment, with over $5 billion of new capital entering the funds during the month of July.
Despite this notable outflow of funds, the price of ETH has remained relatively stable over the last 24 hours. CryptoSlate’s data shows a 1.4% increase, bringing its value to $3,623 at the time of this report.