The US Ethereum (ETH) spot Exchange-Traded Funds (ETFs) were hit by capital outflows for the third day in a row yesterday. Thanks to the excellent results on Monday and Tuesday, the funds nevertheless managed to end the trading week in the green. This had not been achieved since the mass launch on July 23.
First for brand new Ethereum funds
New data from Farside Investors shows that Ethereum funds collectively lost $15.8 million in capital yesterday. The disappointing result comes after net outflows of $23.7 million and $2.9 million were also recorded on Wednesday and Thursday.
On Monday and Tuesday, however, the funds had their best days since going public, with a total of $48.8 million welcomed on Monday, followed by a net inflow of $98.4 million the next day.
These generous inflows helped the funds close the week well in positive territory, with inflows of $104.8 million.
The first week, which only contained four trading days, saw $341.8 million flow out of the funds. In the first full week, the outflow amounted to $169.4 million. So there is clearly an upward trend visible. Whether this will continue in the coming weeks is of course no guarantee. In any case, this would significantly benefit the Ethereum price.
Grayscale’s ETHE Fund Already Lost Nearly $3.3 Billion
Grayscale’s ETHE fund, which was previously a closed trust fund, has seen capital flight on every trading day so far. In total, the converted fund has already lost $2,296.4 billion, which has put a huge burden on the Ethereum price.
A positive sign is that outflows have slowed down considerably over time. In the first week, the fund was hit by peak outflows averaging almost $380 million per day. A week later, outflows plummeted to a daily average of around $120 million. Last week, an average of ‘only’ $36 million flowed out of the fund. The selling pressure created by Grayscale is therefore rapidly decreasing.
According to Grayscale’s own data, the fund still manages nearly $5 billion, making it by far the largest Ethereum ETF on the market. BlackRock’s ETHA fund comes in second with just over $900 million under management.
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Source: https://newsbit.nl/ethereum-etfs-zetten-allereerste-groene-week-neer/
