Amaka Nwaokocha59 minutes agoGrayscale Ethereum ETF outflows exceed $2BWhile Grayscale’s spot Ether ETF experienced substantial outflows, other ETFs are showing different trends.411 Total views18 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onUnited 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 (ETH) 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.Ethereum ETFs posted a $54.27 million net outflow on Aug. 2. Source: SoSoValue
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.Overall dynamics
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.
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