According to CoinDesk: Ether (ETH) has dropped over 7.5% in early East Asia trading hours, now trading above $3,100, as concerns mount over significant outflows from Grayscale’s converted Ethereum Trust ETF (ETHE).

Market data from SoSoValue reveals that ETHE experienced a net outflow exceeding $810 million, echoing the heavy outflows witnessed by Grayscale’s Bitcoin Trust (GBTC) during its early weeks of trading.

Despite these outflows, other Ether ETFs performed well in the Wednesday U.S. trading session. BlackRock's ETHA led with an inflow of $283.9 million, followed by Bitwise's ETHW with $233.6 million, and Fidelity's FETH with $145.7 million.

(SoSoValue)

While Ether is down 6% over the past month, it remains up 72% year-over-year and has outperformed the CoinDesk 20 (CD20), which tracks the largest digital assets, year-to-date. The CD20 is up 21.6% compared to ETH's 35% increase.

ETH's decline also coincides with Nvidia's (NVDA) drop of over 6% today. Crypto prices have shown a strong correlation with Nvidia’s stock throughout the year.

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