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Spot Ethereum ETFs have reversed course after five consecutive days of positive flows. On December 1, the investment products recorded net outflows of $79.06 million, a shift in investor sentiment.
The outflow comes at a time when the overall crypto ETF market shows mixed signals. Ethereum ETFs faced redemptions. However, XRP spot ETFs drew strong investor interest with $89.65 million in net inflows.
Ethereum ETFs Break Winning Streak
Data from SoSoValue shows that December 1 ended a positive run for Ethereum ETFs. The products had seen steady inflows throughout the previous five trading days.
Leading the outflows was Grayscale’s ETHE, which saw $49.79 million in net redemptions. The Grayscale ETH product on NYSE also recorded $20.28 million in outflows. Fidelity’s FETH followed with $31.62 million in redemptions, while VanEck’s ETHV lost $4.03 million.
BlackRock’s ETHA provided the only bright spot among Ethereum ETFs, posting $26.65 million in net inflows.
Several Ethereum ETF products reported zero activity during the trading session. Bitwise’s ETHW, Franklin’s EZET, 21Shares’ TETH, and Invesco’s QETH all recorded no inflows or outflows for the day.
Total Ethereum ETF Holdings Remain Strong
Despite the daily outflow, the cumulative picture for Ethereum ETFs stays positive. The products have maintained a total net inflow of $12.87 billion since their launch.
Total net assets across all Ethereum ETFs stand at $17.21 billion as of December 1. The trading volume for the day reached $1.63 billion, with continued market activity despite the net redemptions.
Ethereum ETFs saw massive outflows on November 20. Investors pulled out $261.59 million in a single day. By contrast, the previous trading day on November 28 had seen $76.55 million in net inflows.
XRP ETFs Turn Green
The contrast between Ethereum and XRP spot ETFs on December 1 highlights changing investor preferences within the crypto ETF space. XRP products pulled in $89.65 million in net inflows.
XRP spot ETFs have accumulated $756.26 million in cumulative net inflows, with total net assets reaching $723.05 million. The December 1 inflows rank among the strongest days for the product category since its introduction.
Other crypto ETF products showed varied performance. Bitcoin spot ETFs recorded $8.48 million in total net inflows and extended their positive streak to four consecutive trading days. Solana spot ETFs moved in the opposite direction with $13.55 million in net outflows.
Premium and Discount Rates Vary Across ETFs
The premium and discount rates across different Ethereum ETF products varied on December 1. BlackRock’s ETHA traded at a 0.25% discount, while Grayscale’s ETHE showed a 0.04% premium.
Fidelity’s FETH commanded a 0.10% premium, and Bitwise’s ETHW traded at a 0.15% premium. Coming to Solana ETFs, introduced in October, SOL ETFs posted inflows continuously till November 25. On November 26, Solana ETFs posted an outflow of $8.10 million.
The ETFs reversed to $5.37 million in inflow on November 28. However, it quickly reversed to $13.55 million in net outflow on December 1. However, Bitcoin ETFs extended their positive inflow streak to four days.
