Grayscale Ethereum Trust ETF Faces Unprecedented $1.5B Net Outflow
YEREVAN (CoinChapter.com) — In a significant move in the cryptocurrency market, the Grayscale Ethereum Trust ETF (ETHE) experienced a historic net outflow of $1.514 billion. On July 26, investors withdrew $356 million, contributing to this figure. This massive outflow indicates a notable shift in investor sentiment.
Volatile Day for Ethereum ETFs: $163M Outflow on July 26
According to data from SoSoValue, July 26 was particularly volatile for ETH spot ETFs. The total net outflow for ETH spot ETFs on this day reached $163 million. This highlights a trend of investor withdrawal from these financial instruments. The Grayscale Ethereum Trust ETF, newly converted from ETHE, saw substantial net outflows right from the start, with $1.5 billion withdrawn in the first few days of trading.
Ethereum exchange-traded funds flows on July 26. Source: SosoValue Contrasting Trends: Grayscale and BlackRock Ethereum ETFs See Mixed Inflows
While the Grayscale Ethereum Trust ETF faced massive outflows, the Grayscale ETH Mini Trust ETF (ETH) showed a different trend. On the same day, the Mini Trust ETF recorded a net inflow of $44.9426 million. This brings the current total net inflow for the Grayscale Ethereum Mini Trust ETF to $164 million.
The largest net inflow for an Ethereum spot ETF on July 26 was observed in the BlackRock ETF ETHA. This ETF saw a single-day net inflow of $87.2178 million. The surge pushed the total net inflow for ETHA to $442 million. In terms of net inflow rankings, the second position on July 26 was held by Grayscale ETF ETH, matching the inflow figure of $44.9426 million seen in the Mini Trust ETF.
Ethereum ETF Flow Trends. Source: Farside Investors Ethereum ETF Outflows and Price Decline Amid Market Shifts
The total net asset value of ETH spot ETFs currently stands at $9.238 billion. The ETF net asset ratio, representing the market value of ETFs relative to the total market value of Ethereum, is at 2.36%. Despite these figures, the historical cumulative net outflow for ET spot ETFs has reached $341 million. On July 23, eight investment firms introduced nine new ETH exchange-traded funds tracking the cryptocurrency’s spot price, following their initial green light from the Securities and Exchange Commission in May.
As of the time of writing, ETH is trading at $3,276.24, down 6.05% over the past seven days. The market cap is $393,896,639,918, showing a slight increase of 0.38%. However, the 24-hour trading volume has decreased by 39.55%, amounting to $12,718,493,800. The volume-to-market cap ratio stands at 3.23%. Ethereum’s circulating supply is 120,228,315 ETH, which is the same as its total supply.
The price chart highlights the impact of the approval of spot Ethereum ETFs and subsequent trading activities. Notably, on July 21, Ethereum’s price was relatively stable, but it began to decline significantly on July 23, reflecting investor reactions to market developments. The price saw a recovery starting on July 26, although it remains below the initial levels observed before the drop.
Ethereum Price Movement Amid ETF Developments. Source: CoinMarketCap
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