Ethereum spot ETF was officially listed for trading yesterday evening (23rd), and various trading data were continuously released after the close of this morning. According to HODL15 Capital monitoring data, Grayscale's Ethereum Fund ETHE had an outflow of US$484 million (close to 5% of AUM) on the first day, of which a small amount (US$15 million) flowed into the Grayscale Ethereum Mini Fund after reducing management fees.
There was no celebration in the price trend of Ethereum. It continued to fall after opening, and fell below the 3,400 mark around 1 a.m., with the lowest price at 3,389 U.S. dollars. It rebounded before the deadline, but the amplitude was not large, and it is now at 3,467 U.S. dollars.
Grayscale ETHE Selling Pressure Shadow
The current Ethereum spot ETF can be said to be similar to the situation of the Bitcoin spot ETF when it was just passed. Grayscale's GBTC has been under net outflow selling pressure for a long period of time due to profit-taking and the need to switch to lower fees.
At present, ETH may also replicate this situation for a period of time, and the price may fall further or continue to fluctuate.
According to Sosovalue data, the selling pressure of Bitcoin spot ETF lasted for about two weeks when it was first approved, and the overall net assets turned positive from net outflow. This time, we will see whether the situation of Ethereum spot ETF will be shorter or last longer, which is worth our continued attention.
