There's 'Good News' for Ethereum ETFs Amid Disappointing Outflows, Top Analyst Says
07/26/2024 22:41![There's 'Good News' for Ethereum ETFs Amid Disappointing Outflows, Top Analyst Says](https://u.today/sites/default/files/styles/twitter/public/2024-07/50776.jpg)
However, Eric Balchunas also sees some tough days ahead for cryptocurrency market
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Eric Balchunas, senior ETF analyst at Bloomberg, has some good news for market participants who are disappointed by the seemingly underwhelming performance of Ethereum ETFs.
According to Balchunas, these products are seeing “very healthy” inflows and trading volumes.
Tough days ahead
Despite this optimism, Balchunas has warned that the next few days could be “tough” for these products due to outflows from Grayscale’s ETHE.
On Thursday, these much-anticipated products logged $152.4 million worth of outflows. Grayscale’s ETHE bled a whopping $346 on its first day.
So far, Ethereum ETFs have had only one day of positive inflows, which was their debut day.
Will this be over soon?
Still, Balchunas is convinced that the intensity of these unlocks is going to die down sooner compared to GBTC.
As reported by U.Today, the Ethereum price has been severely affected by underwhelming post-debut outflows, as well as the most recent stock market drop.
Still, some market analysts are convinced that Ethereum's bearishness will subside in the near future. Digital expert Miles Deutscher recently called the Ethereum pullback "an opportunity," while adding that Bitcoin also endured a major correction shortly after the ETF launch only to hit a new record high in March.
About the author
![article image](https://u.today/sites/default/files/2019-11/alex-m-ava.jpg)
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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