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The capital inflow chain of the Ethereum ETF ended after 19 days
The Ethereum spot ETF funds in America ended the longest capital outflow streak ever on Friday, recording a net outflow of 2.2 million USD due to geopolitical tensions causing the risky asset market to plummet.
This series of capital withdrawals lasted 19 consecutive days, surpassing the previous record of 18 days from the end of November to mid-December 2024. According to data from SoSoValue, only two funds recorded major volatility on Friday: the Grayscale Ethereum Mini Trust (ETH) sucked in $6.7 million, while the Fidelity Ethereum Fund (FETH) withdrawn $8.9 million.
The fundraising chain started on May 16, with strong demand – on many days even surpassing Bitcoin ETF funds. The total net assets of these funds currently exceed 10 billion USD, the highest level since their launch in July 2024.
However, escalating tensions in the Middle East – with Israel and Iran firing missiles at each other – have led investors to flee from risk assets, ending a capital inflow streak and resulting in $1.1 billion being liquidated in the crypto market. The price of Ethereum has dropped by about 8% in the past 48 hours.
Notably, SharpLink Gaming has become the second largest ETH holder after the Ethereum Foundation on Friday, after purchasing 463 million USD worth of ETH to supplement its treasury strategy. The company's stock remained flat after a 70% drop due to a recent filing with the SEC.