Continued Outflows Plague U.S. Ethereum ETFs as Grayscale Sells Off
The trend of outflows from U.S.-based ethereum exchange-traded funds (ETFs) continued on Monday, with a total reduction of $98.29 million, marking the fourth consecutive day of outflows. These outflows have caused the cumulative net inflow to dip into negative territory, reaching -$439.64 million since July 23.
According to data from sosovalue.xyz, it was revealed that Grayscale's Ethereum Trust (ETHE) was the main contributor to these outflows, divesting a significant $210.04 million on July 29, 2024. However, amidst these outflows, six other ETFs experienced inflows during the trading session.
Among the gainers on Monday, Blackrock's ether ETF ETHA saw the largest inflow of $58.17 million. Fidelity's FETH attracted $24.82 million, while Vaneck's ETHV secured $10.91 million. Bitwise's ETHW fund received $10.45 million, and Grayscale's Mini Ether Trust (ETH) gained $4.9 million. Franklin Templeton's EZET saw $2.52 million in inflows.
On the other hand, Invesco's and Galaxy's QETH, as well as 21shares' CETH, had a neutral trading day with no inflows or outflows. The total trading volume for the day amounted to approximately $773.01 million. Collectively, the nine ether ETFs currently hold approximately $9.24 billion in ETH reserves, representing 2.31% of ETH's total market capitalization. The main factor contributing to the negative inflow for these funds has been the significant outflows from Grayscale's ETHE.
What are your thoughts on the recent ethereum ETF activity on Monday? Feel free to share your opinions in the comments section below.