👉👉👉 Grayscale #EthereumETF suffers nearly $2 billion outflow since debut
Grayscale's Ethereum ETF Faces Major Outflows as New Products Gain Traction
Investors have withdrawn nearly $2 billion from Grayscale’s Ethereum exchange-traded fund (ETF), known by the ticker ETHE, since its conversion from a trust. According to Farside Investors, the fund’s market value has dropped to $6.7 billion amid a decline in Ether’s price.
On Wednesday alone, ETHE experienced a $133 million outflow, although this was not its largest single-day loss. The ETF saw its biggest outflow on its debut day, when investors pulled $484 million.
In contrast, Grayscale’s lower-fee Ethereum Mini Trust (ETH) has seen consistent inflows, extending its streak to seven days.
On Wednesday, ETH attracted $19.5 million, bringing its total net inflows to over $200 million. With an annual management fee of just 0.15%, ETH is the most cost-effective Ethereum ETF on the market, a strategic move for Grayscale following their experience with the Bitcoin Trust (GBTC).
Competing Ethereum ETFs from #BlackRock , Fidelity, VanEck, Bitwise, and 21Shares collectively attracted over $36 million on Wednesday. However, the overall group of US spot Ethereum ETFs saw approximately $77 million in outflows, reversing the positive trend from the previous day.
Grayscale’s New Bitcoin Mini Trust
Grayscale’s Bitcoin Mini Trust (BTC), a new spinoff of #gbtc , began trading today after receiving regulatory approval earlier this month. The ETF garnered $18 million on its first day, while GBTC reported no new flows, according to Farside Investors.
The Bitcoin Mini Trust, with a management fee of 0.15%, is the most affordable option for direct Bitcoin exposure among ETFs. Grayscale plans to reallocate 10% of Bitcoin from its existing Bitcoin Trust to the new mini version, aiming to provide a more cost-effective solution for #BitcoinETF💰💰💰 investors and reduce selling pressure on GBTC.
Source - cryptobriefing.com
