On August 2, there were significant developments in spot Ethereum exchange-traded funds (ETFs) based in the United States. While there was an outflow of $61 million from Grayscale Ethereum Trust (ETHE), there was a net inflow of $6 million to the Fidelity Ethereum Fund (FETH). Additionally, the total value of spot Ethereum ETFs reached $8.3 billion.
Movements in Grayscale Ethereum Trust and Other ETFs
According to data from SoSoValue, there was a total net outflow of $54 million from spot Ethereum ETFs on August 2. ETHE experienced a massive outflow today, recording a net outflow of over $61 million. Since 2017, ETHE has been offering investors the opportunity to trade in Ethereum without the need to purchase and store cryptocurrency directly, and with this feature, it is positioned as one of the pioneers of the market.
While outflows in ETHE increased, other spot Ethereum ETFs showed a different outlook. Grayscale Ethereum Mini Trust ETF (ETH) has not experienced any outflows, maintaining current net inflows of $201 million. On the other hand, Fidelity Ethereum Fund (FETH) had a positive day, increasing its total net inflows to $297 million with inflows exceeding $6 million. Franklin Ethereum ETF (EZET) also surpassed $1 million in single-day net inflows, providing a total net inflow of $30.6 million.
General Condition and Market Value
As of August 3, the total net value of spot Ethereum ETFs was determined to be $8.3 billion. When comparing the market value of Ethereum held in ETFs with the total market value of ETH, the ETF net asset ratio is measured as 2.29%. Total net outflows in spot Ethereum ETFs since July 23 have exceeded $511 million.
On August 1, daily net inflows into spot Ethereum ETFs were observed to be positive. BlackRock's iShares Ethereum Trust (ETHA) experienced inflows of $89.6 million, while ETFs generated net positive flows totaling $26.7 million. However, the price of ETH has fallen by approximately 5.71% since the introduction of the ETFs. At the time of writing, the price of ETH is at $2,990, indicating that yesterday's decline was 5.71%. This decline caused the market to reach a total volume of $359 billion.
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