Ethereum (ETH) price is down nearly 15% since the exchange-traded funds (ETFs) first trading day on July 23. Grayscale’s Trust (ETHE) registered over $2 billion in outflows, creating a relevant selling pressure that could now be “almost over.”

Notably, Grayscale, a leading cryptocurrency asset manager, currently offers two Ethereum spot ETFs: ETHE and the Mini Trust (ETH). The former, however, is being heavily sold due to its higher fees in comparison to the growing competitors.

However, Arkham Intelligence reported a massive 80% drop in ETHE outflows during the week, suggesting “the selling is almost over.” The report shows a 108,800 ETH outflow on Monday against a 24,900 ETH outflow on Friday.

Ethereum spot ETF net flow

Finbold retrieved data from CoinGlass on August 3, highlighting the flow of all ETH ETFs trading in the United States. Overall, Grayscale’s ETHE registered $2.12 billion outflows, while the other eight trusts had $1.60 billion inflows.

BlackRock’s (NYSE: BLK) iShare Ethereum Trust (ETHA) leads the pack with over $700 million net inflow. It is followed by Fidelity (FETH) and Bitwise (ETHW) with $297.10 million and $287.90 million, respectively.

Such a massive selling spree from Grayscale has resulted in a negative net inflow of $511.20 million despite all the other funds being heavily buying Ethereum’s native token.

Ethereum (ETH) price analysis

As of this writing, ETH trades at $2,986, testing strong yearly support while still up 31% year-to-date. This impressive performance has attracted institutional and retail investors to the Ethereum ecosystem, now waiting for a breakout upwards.

#BinanceTurns7 #ETH_ETFs_Approval_Predictions #SOFR_Spike #MtGoxJulyRepayments #Write2Earn!