Ethereum Spot ETFs Face Record Outflows Amid Grayscale Exodus
The U.S. spot Ethereum (ETH) ETFs have experienced five consecutive days of outflows, in contrast to spot Bitcoin (BTC ETFs, which marked the fifth consecutive day of net inflows. This marked the longest outflow streak for ETH ETFs since their launch on July 23. The recent outflows, totaling $92.2 million from August 15 to 21, were significantly impacted by the Grayscale Ethereum Trust (ETHE), which reported over $2.5 billion in outflows as of August 21.
Despite daily outflows from Grayscale, with the exception of August 12, inflows from other ETFs like BlackRock’s iShares Ethereum Trust ETF (ETHA), Fidelity Ethereum Fund (FETH), and Bitwise Ethereum ETF (ETHW) helped mitigate the impact. The Grayscale Ethereum Mini Trust (ETH) has remained resilient, showing positive flows of $231.9 million.
ETHA achieved a milestone by becoming the first spot Ethereum ETF to surpass $1 billion in net inflows on August 20. However, the overall net flows for spot Ethereum ETFs still stand at negative $458.5 million.
In contrast, spot Bitcoin ETFs have attracted substantial investments, maintaining positive net flows of $17.5 billion since their January 2024 launch, despite the Grayscale Bitcoin Trust's significant outflows. Bitcoin ETFs have recorded positive flows for eight of the last ten days, with an impressive $88 million inflow on August 20. BlackRock’s iShares Bitcoin Trust led with $55.4 million, bringing its total net inflow to $20.5 billion since January.
