Grayscale Ethereum Trust (ETHE) Sheds $2.1B as Spot Ether ETF Outflows Top $54M

YEREVAN (CoinChapter.com) — On August 2, the Grayscale Ethereum Trust (ETHE) experienced significant outflows, with investors withdrawing $2.1 billion.

Investors withdrew $2.1 billion from the Grayscale Ethereum Trust (ETHE) on August 2, as per data from SoSoValue, marking a significant occurrence in the Ethereum ETF market.

This was among the largest outflows experienced by any spot Ether ETF on the day, with the total net outflows exceeding $54 million. Specifically, the ETHE saw a net outflow of over $61 million.

ETHE has been offering investors exposure to Ethereum since 2017 without requiring them to purchase and store the cryptocurrency. However, the recent outflows indicate a shift in investor behavior toward these instruments.

While ETHE experienced outflows, other Ethereum ETFs reported varying results. The Grayscale Ethereum Mini Trust ETF (ETH) did not experience any outflows and maintained net inflows at $201 million, indicating a different investor approach toward this smaller fund.

The Fidelity Ethereum Fund (FETH) also saw an increase, with net inflows exceeding $6 million, raising its total to $297 million. At the same time, the Franklin Ethereum ETF (EZET) experienced positive inflows, adding over $1 million, bringing its cumulative net inflows to $30.6 million.

As of August 3, the total net asset value of spot Ether ETFs stands at $8.3 billion. The ETF net asset ratio, which compares the market value of Ether held in ETFs to the total market value of ETH, is at 2.29%.

Since the debut of these ETFs on July 23, there have been cumulative net outflows totaling $511 million. However, some ETFs, like BlackRock’s iShares Ethereum Trust (ETHA), reported positive inflows. On August 1, ETHA recorded a net inflow of $89.6 million.

At the time of writing, Ethereum (ETH) is trading at $2,977.94, reflecting a decrease of about 5.61% over the last 24 hours. This decline follows the launch of several Ethereum ETFs and highlights the volatility in the cryptocurrency market. The market cap stands at $358.1 billion, with a 24-hour trading volume of $22 billion, indicating active trading activity. The recent price movements and trading volume offer insight into investor sentiment and market dynamics surrounding Ethereum.

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