The Debut of Ethereum ETF in the US
Finally, after much anticipation, the Ethereum ETF has made its debut in the United States, thanks to the intervention of the SEC. The latest investment assets are now live and trading, but there is a hint of worry surrounding the specific entities offering these assets. In the last hour, Grayscale made a significant move by transferring 110,867 Ethereum to Coinbase Prime, valued at over $358 million according to Arkham Intelligence. Similar to the Bitcoin ETF, the Grayscale ETH ETF has not shown strong performance.
Grayscale’s Ethereum ETF Woes
Grayscale has been facing substantial outflows of Ethereum since the launch of the spot ETH ETF. In a recent move earlier this week, Grayscale transferred $1.01 billion worth of Ethereum to Coinbase Prime in preparation for the US debut of an Ethereum exchange-traded fund (ETF).
According to Lookonchain’s on-chain data, Grayscale moved 140,044 ETH to Coinbase Prime, amounting to $485.6 million. Following this, the entity received 4,382 ETH worth $14.8 million from Coinbase Prime, resulting in a net outflow of 135,662 ETH totaling $470.8 million.
Current Status of Ethereum ETF
The Ethereum ETF data at the close of yesterday indicated that the 8-stage Ethereum ETF suffered a loss of 100,230 ETH, valued at US$316.22 million. Fidelity, on the other hand, added 22,000 ETH worth $69.41 million and currently holds 43,750 ETH amounting to $138 million. At the time of writing, the price of Ethereum (ETH) stands at $3,243.50, experiencing a slight 0.3% decrease from an hour ago but showing an overall 2.6% increase in the past 24 hours. However, the value of ETH today reflects a 5.5% decline from last week.
Also read: US candidate Robert F. Kennedy Jr: “Most of my wealth is in Bitcoin”
