On August 2, the United States-based spot Ether exchange-traded funds (ETFs) witnessed notable shifts, with Grayscale Ethereum Trust (ETHE) experiencing significant outflows. Data from SoSoValue revealed that the total net outflows from spot Ether ETFs amounted to $54 million on that day, with ETHE alone accounting for over $61 million in a single-day net outflow.
Grayscale Ethereum Trust ETF Faces Major Outflows
Since its inception in 2017, ETHE has provided investors with exposure to Ethereum without requiring them to directly purchase and store the cryptocurrency. However, it recently faced a substantial setback, with outflows exceeding $2.1 billion. This trend highlights a shift in investor sentiment, possibly driven by market conditions or changes in investor preferences.
Varied Performance Across Other Spot Ether ETFs
While ETHE saw significant outflows, other spot Ether ETFs displayed different patterns. The Grayscale Ethereum Mini Trust ETF (ETH) reported no outflows, maintaining its current net inflows of $201 million. On the other hand, the Fidelity Ethereum Fund (FETH) recorded the most substantial net inflows on August 2, adding over $6 million and bringing its total net inflows to $297 million. Similarly, the Franklin Ethereum ETF (EZET) also experienced positive inflows, with a single-day net inflow of just over $1 million, increasing its cumulative net inflows to $30.6 million.
Also Read: Grayscale’s Bitcoin Mini Trust Launches on NYSE Arca
Overall Dynamics and Market Impact
As of August 3, the total net asset value of spot Ether ETFs stands at $8.3 billion. The ETF net asset ratio, which measures the market value of Ether held in the ETFs against the total market value of ETH, is currently at 2.29%. Despite the mixed performance, cumulative net outflows from spot Ether ETFs have reached $511 million since their market debut on July 23.
Interestingly, on August 1, spot Ether ETFs posted a positive daily net inflow of $26.7 million, primarily driven by an $89.6 million inflow into BlackRock’s iShares Ethereum Trust (ETHA).
At the time of publication, Ethereum (ETH) is trading at $2,987, reflecting a 5.71% decline since the launch of these ETFs.
