Daily net inflow into United States spot Ether exchange-traded funds have flipped positive again on Aug. 1, despite cumulative outflows from Grayscale’s Ethereum Trust breaching $2 billion. 

On Aug. 1, the Ether (ETH) ETFs posted a net inflow of $28.5 million, led by a $91.4 million inflow into BlackRock’s iShare Ethereum Trust (ETHA).

Grayscale’s Ethereum Trust saw outflows of $78 million on the day, bringing the cumulative outflows from the fund to just over $2 billion since its conversion to a spot fund.

Unlike the other eight spots ETH ETFs that were launched as “newborn” funds on July 23, ETHE was a trust that offered institutional investors exposure to ETH. ETHE was converted to a spot ETF on July 23.

Prior to its conversion, ETHE held a total of $9 billion in Ether on its books. Today’s outflow figure means that 22% of the initial fund has been sold.

Several analysts predict that gradually slowing outflows from Grayscale’s fund could mark a turning point for the price of Ether.

Related: Why is ETH demand lacking post-Ethereum ETF?

Steno Research senior analyst Mads Eberhardt previously said it’s “likely” the massive outflows from Grayscale’s ETHE will begin to subside by the end of the week, adding that slowed outflows are a bullish catalyst for the price of ETH.

“When it does, it’s up only from there,” Eberhardt wrote in a July 30 post to X.

Earlier, on July 23, Kaiko’s head of indexes Will Cai said the price of ETH would be “sensitive” to the inflows into the spot products.

Reflecting this sensitivity, ETH is changing hands for $3,168 at the time of publication, having fallen 8.5% since the ETFs launched, per TradingView data.

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