There was a withdrawal of more than $25 million from the Fidelity Ethereum Fund (FETH) on October 1. This was the biggest exit ever in a single day. A huge amount of money left the U.S.-based spot Ether ETFs that don’t hold the Grayscale Ethereum Trust (ETHE). This is a new daily record, and it shows how unstable the cryptocurrency market is becoming.
All together, spot Ethereum ETFs from nine different companies lost $48.6 million on the same day. The Grayscale Ethereum Trust lost even more money than Fidelity did—$26.6 million. Also, $900,000 was lost by the Bitwise Ethereum ETF (ETHW).
Grayscale still has the most daily money leaving an ETF, but Fidelity’s new record shows that the Ethereum ETF market is getting tougher. With $453.5 million in funding, FETH is still the second-biggest Ethereum ETF. BlackRock’s iShares Ethereum Trust (ETHA) is at the top of the list. As of October 1, it had more than $1.14 billion in assets.
This is also true for all bitcoin ETFs. In the Bitcoin ETF market on the spot, $242.6 million was taken out all at once. This was the most people leaving since the beginning of September. First, the ARK 21Shares Bitcoin ETF took out $84.3 million, and then the Wisdom Origin Bitcoin Fund from Fidelity took out $144.7 million.
If market volatility keeps up, investors aren’t sure what to do and are rethinking their investments in digital assets more and more. This is shown by the high losses. Ethereum ETFs are still a popular way for buyers to get into the coin market in a safe way, even with these issues. But how long these goods last will depend on how safe the market is and how much investor trust comes back.
