According to Cointelegraph, the combined outflow of funds from the spot Bitcoin and Ethereum ETFs under asset management company Grayscale Investments exceeded US$20.4 billion, ChainCatcher reported.

Since its launch on January 11, Grayscale's spot Bitcoin ETF "GBTC" has lost an average of about $137.7 million per day in nearly seven months.

As of July 29, GBTC had total outflows of $18.86 billion. In contrast, the other nine Bitcoin ETFs approved in the U.S. at the same time all maintained positive balances. The newly launched Grayscale Ethereum Trust (ETHE) performed comparable to GBTC in terms of investment outflows. Grayscale's Ethereum ETF lost $1.72 billion in funds in five days, bringing Grayscale's total cryptocurrency ETF outflows to $20.58 billion. In the process, Grayscale lost 18.7% of its initial seed fund of nearly $9.2 billion.