Fidelity Ethereum ETF Experiences Record Daily Outflows

On October 1, the Fidelity Ethereum Fund witnessed outflows totaling $25 million, marking the highest daily outflow registered among U.S.-based spot Ether ETFs, with the exception of the Grayscale Ethereum Trust.

During the same day, the total outflows from all spot Ether (ETH) ETFs reached $48.6 million across nine different issuers. Specific contributions to this total came from:

• Fidelity Ethereum Fund (FETH): $25 million
• Grayscale Ethereum Trust (ETHE): $26.6 million
• Bitwise Ethereum ETF (ETHW): $0.9 million

Conversely, two ETH ETFs marked positive inflows:

• 21Shares Core Ethereum ETF (CETH): $1.2 million
• VanEck Ethereum ETF (ETHV): $2.7 million

Grayscale’s Record for Daily Outflows Remains Unmatched

Although Grayscale’s ETHE still holds the record for the largest daily outflows, Fidelity’s recent outflow milestone highlights the challenges facing the ETH ETF market. Notably, FETH ranks second in overall investments, totaling $453.5 million, while BlackRock’s iShares Ethereum Trust (ETHA) leads with over $1.14 billion in investments as of October 1.

Grayscale has been approaching nearly $3 billion in outflows, contributing to a total investment deficit of $572 million for spot Ether ETFs in the U.S.

Bitcoin ETFs Reflect Similar Outflow Trends

The spot Bitcoin (BTC) ETF market observed a parallel trend, with aggregate outflows of $242.6 million recorded on October 1. This marked the largest outflow since September 3.

Significant outflows in the Bitcoin sector included:

• Fidelity Wise Origin Bitcoin Fund (FBTC): $144.7 million
• ARK 21Shares Bitcoin ETF (ARKB): $84.3 million

On October 1, Bitcoin’s spot prices experienced a significant drop of nearly $4,000 due to geopolitical tensions following Iran’s missile attack on Israel, but rebounded to approximately $61,750 by the time of this report.