On Tuesday, Ethereum spot-traded funds (ETFs) registered a significant positive performance for the first time in almost two months. Crypto-based investment products saw a sluggish performance throughout September and failed to impress investors amid the market pump.
Ethereum ETFs See Best Day Since August
Last week, Ethereum (ETH) ETFs saw their sixth consecutive week of negative net flows, with $26.26 million in outflows. While Bitcoin (BTC) ETFs continued their positive streak with their second consecutive week of gains, CoinShares’ weekly report noted that products based on the second-largest cryptocurrency remained “outside.”
Over the past thirty days, investment products have been disappointing due to continued large outflows from Greyscale Ethereum Trust (ETHE) and insufficient activity from newly issued ETFs.
As reported by Bitcoinist, investment products saw no inflows or outflows across all issuers on August 30 and September 2, which has not been seen since the launch of US spot crypto-based ETFs in January.
In addition, the trading volume of ETH ETH was comparable to that before its launch, accounting for only 15% of the volume registered during its launch week in the US.
This disappointing performance continued as this week began. ETH-based products had one of their worst days since launching in late July, with a total outflow of $79.3 million on Monday.
Ethereum ETFs' performance in the last three weeks. Source: Farside InvestorsÂ
This marked Ethereum’s fifth largest negative net flow day since its inception and its worst day since July 31. While most currencies saw no activity, despite ETHW inflows averaging $1.3 million, ETHE outflows were led by $1.3 million. 80,6.
However, Mads Eberhardt, a senior analyst at Steno Research, noted that US Ethereum ETFs also recorded one of their biggest gains on Tuesday, but in reverse. ETH ETH recovered from Monday’s massive outflow, registering $62 million in the second day of the week.
Blackock’s ETHA led the positive flow with $59.3 million, while VanEck’s ETHV and Invesco’s QETH saw $1.9 million and $1.3 million, respectively. Funds also did not see outflows among all issuers, including Greyscale’s ETHE. This marks their third day of good performance since July. Additionally, it has been the best day for ETH ETF and ETHA since August 6th.
SEC Delays Decision on ETH Options ETFs
On Tuesday, the US Securities and Exchange Commission (SEC) revealed that it has extended the deadline for its decision on Nasdaq International Securities Exchange (ISE)’s proposed rule change to list and trade options on Blackrock’s ETHA.
Similarly, the US regulator delayed its decision on the proposed change of the NYSE American LCC trading and options list on Bitwise’s ETHW and Greyscale’s ETHE and Greyscale’s Mini Trust (ETH).
The deadline has been extended to mid-November, with the Nasdaq ISE decision scheduled for November 10 and the NYSE American LCC date scheduled for November 11. The decision follows the agency’s recent approval of options trading for BlackRock’s iShares Bitcoin Trust (IBIT) on Nasdaq.
The approval was called a “big win” for Bloomberg ETFs by Bloomberg analyst Eric Balchunas, who thought it would attract more investors and bring in more revenue. A similar development of the Ethereum ETF could increase the attractiveness of crypto-based investment products for large investors.
Ethereum is trading at $2,625 in the weekly chart. Source: ETHUSDT on TradingView
Featured image from Unsplash.com, Chart from TradingView.com