United States-based spot Ether exchange-traded funds (ETFs) saw significant movements on Aug. 2, with outflows from the Grayscale Ethereum Trust (ETHE) hitting $2.1 billion.
According to data from SoSoValue, the total net outflows from spot Ether
ETFs exceeded $54 million on Aug. 2. A significant portion of the outflows came from ETHE, which saw a single-day net outflow of over $61 million.
Grayscale’s Ethereum Trust ETF faces more outflows
ETHE has been a prominent player in the market offering investors exposure to Ethereum without the need to directly purchase and store the cryptocurrency since 2017.
While ETHE experienced substantial
outflows, other spot Ether ETFs are showing different trends. The
Grayscale Ethereum Mini Trust ETF (ETH) reported no outflows,
maintaining its current net inflows of $201 million.
The Fidelity
Ethereum Fund (FETH) recorded the most significant net inflows
yesterday, with over $6 million added. This influx of capital brings
FETH’s total net inflows to $297 million.
Related: Why is ETH demand lacking post-Ethereum ETF?
Similarly,
the Franklin Ethereum ETF (EZET) also saw positive inflows, with
single-day net inflows of just over $1 million, bringing its cumulative
net inflows to $30.6 million.
At
the time of publication on Aug. 3, the total net asset value of spot
Ether ETFs is $8.3 billion. The ETF net asset ratio, which compares the
market value of Ether held in the ETFs to the total market value of ETH,
is currently at 2.29%.
Cumulative net outflows from spot Ether ETFs have reached $511 million since their market debut on July 23.
Meanwhile, on Aug. 1, daily net inflows to spot Ether ETFs were positive. The ETFs posted a net inflow of $26.7 million, led by a $89.6 million inflow into BlackRock’s iShares Ethereum Trust (ETHA).
ETH is changing hands for $2,987 at the time of publication, fallen approximately 5.71% since the launch of the ETFs.
Overall dynamics