BlackRock’s Spot Ether ETF Investors Bought the Dip as Ether Tanked

Spot ether exchange-traded funds (ETFs) reported their second-best day of inflows since their July 23 launch on Monday, even as ether (ETHUSD) prices crashed amid a broad market rout.

Ether, which is the underlying cryptocurrency of Ethereum and the second-largest crypto asset by market cap, dipped below $2,116 yesterday, a 26% drop from the previous day’s high of slightly more than $2,900.

Despite the sharp price decline, spot ether ETFs saw inflows of $48.8 million on Monday, according to Farside Investors. Almost 96% of the total inflows, or $47.1 million, went into BlackRock’s iShares Ethereum Trust ETF (ETHA). Grayscale’s Ethereum Trust (ETHE) continued to see outflows, with investors pulling out $46.8 million.

Bitcoin saw a price decline of around 18% and dropped below $50,000 for the first time since February. Unlike ether, spot bitcoin ETFs experienced net outflows of $168.4 million, according to Farside Investors.

Investors pulled money out of three funds—Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Grayscale’s Bitcoin Mini Trust—while other products showed zero net flows.

On Tuesday, the price of bitcoin (BTCUSD) rebounded to nearly $57,000, while ether traded close to $2,500.