Grayscale Ethereum Trust ETF (ETHE) Experiences Historic Net Outflow of $1.514B as Market Shifts

In a significant move in the cryptocurrency market, the Grayscale Ethereum Trust ETF (ETHE) experienced a historic net outflow of $1.514 billion.

Investors are pulling their money out of Grayscale's flagship Ethereum ETF en masse, contributing to a historic net outflow of over $1.5 billion in a sign of shifting market sentiment.

Grayscale's ETF, which began trading on July 21 after being converted from the Grayscale Ethereum Trust (GETH), saw investors withdrawing $356 million on July 26, according to data from SoSoValue. This adds to the total net outflow, which reached $1.514 billion as of July 26.

The massive outflow from Grayscale's Ethereum ETF highlights a trend of investors withdrawing their funds from these financial instruments. In total, ETH spot ETFs saw a net outflow of $163 million on July 26.

Grayscale's ETF, which now trades under the ticker "ETHE," saw substantial net outflows right from the start, with $1.5 billion being withdrawn in the first few days of trading.

However, contrasting trends emerged among different Ethereum ETFs, with Grayscale's ETH Mini Trust ETF (ETH) showing a different pattern. On the same day, the Mini Trust ETF recorded a net inflow of $44.9426 million. This brings the current total net inflow for Grayscale's Grayscale Ethereum Mini Trust ETF to $164 million.

The largest net inflow for an Ethereum spot ETF on July 26 was observed in BlackRock's ETF ETHA, which saw a single-day net inflow of $87.2178 million. This surge pushed the total net inflow for ETHA to $442 million.

In terms of net inflow rankings, the second position on July 26 was held by Grayscale's ETF ETH, matching the inflow figure of $44.9426 million seen in the Mini Trust ETF.

The total net asset value of ETH spot ETFs currently stands at $9.238 billion. The ETF net asset ratio, representing the market value of ETFs relative to the total market value of Ethereum, is at 2.36%. Despite these figures, the historical cumulative net outflow for ETH spot ETFs has reached $341 million.

On July 23, eight investment firms introduced nine new ETH exchange-traded funds tracking the cryptocurrency’s spot price, following their initial green light from the Securities and Exchange Commission in May.

As of the time of writing, ETH is trading at $3,276.24, down 6.05% over the past seven days. The market cap is $393,896,639,918, showing a slight increase of 0.38%. However, the 24-hour trading volume has decreased by 39.55%, amounting to $12,718,493,800. The volume-to-market cap ratio stands at 3.23%. Ethereum’s circulating supply is 120,228,315 ETH, which is the same as its total supply.

The price chart highlights the impact of the approval of spot Ethereum ETFs and subsequent trading activities. Notably, on July 21, Ethereum's price was relatively stable, but it began to decline significantly on July 23, reflecting investor reactions to market developments. The price saw a recovery starting on July 26, although it remains below the initial levels observed before the drop.

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