Ethereum down 5% as ETF volume falls on 3rd trading day

By Ovunc Kutlu

ISTANBUL (AA) - Ethereum, the world's biggest cryptocurrency after Bitcoin, saw its price declining around 5% on Thursday, as the spot Ethereum exchange-traded funds' (ETFs) volume fell on their third trading day.

The price of Ethereum was around $3,165 at 6.20 p.m. EDT with a daily decrease of almost 5%.

Spot Ethereum ETFs generated around $850 million on Thursday after recording $937 million in trading volume on the second day of trading, according to The Block, a New York-based data and research firm specializing in digital currencies.

The trading volume was just over $1 billion on Tuesday, when spot ETFs of Ethereum started trading on major US stock exchanges including the Nasdaq, the NYSE Arca and the Chicago Board Options Exchange (CBOE).

Spot Ethereum ETFs saw $106.6 million in net inflows on Tuesday, but they had $133.3 million and $288.1 million in net outflows on Wednesday and Thursday, respectively, according to Farside Investors, a London-based investment management company that specializes in global equities and cryptocurrency.

At the end of the third day of trading, spot Ethereum ETFs had a total of $314.8 million in net outflows, data from Farside Investors showed.