Spot Ethereum ETFs experienced strong initial trading volumes but have seen a decline, with today's cumulative volume at $850 million, down from $1.05 billion on Tuesday. The ETFs had $133.16 million in net outflows on Wednesday, reversing Tuesday's net inflows of $106.78 million, with Grayscale Ethereum Trust (ETHE) alone recording $326.86 million in net outflows. Ethereum's price fell over 7% overnight, reaching $3,102, with a 24-hour trading volume of $25.9 billion. Analysts liken this to the initial decline seen with BTC ETFs, attributing it to "sell the news" and large outflows, but anticipate growing institutional demand for ETH despite short-term volatility.
Source: The Block