Solana (SOL) Gains Momentum, Ethereum (ETH) ETFs Struggle
On July 23, the U.S. Securities and Exchange Commission (SEC) approved several spot #Ethereum ETFs. The move was expected to boost Ethereum’s market presence. However, the expected investor interest did not come. According to financial data from SoSoValue, Ethereum ETFs saw net outflows of approximately $98 million on July 29. This marked the fourth consecutive day of net outflows and greatly weakened the bullish sentiment on Ethereum’s market performance.
The data from SoSoValue showed some striking contrasts: Grayscale’s ETHE saw a significant net outflow of $210 million in a single day, while the smaller Grayscale mini-ETF #ETH saw inflows of just under $5 million. On the other hand, BlackRock’s ETHA showed a positive trend with inflows of $586 million, and Fidelity’s FETH saw inflows of approximately $24 million. Despite these various results, the overall market sentiment towards Ethereum ETFs has remained subdued.