Developments in Ethereum ETF funds continue remarkably. In particular, the decrease in the number of assets coming out of Grayscale's Ethereum Trust attracted the attention of investors.
Latest Situation in ETF Funds
Although total outflows from Grayscale's Ethereum Trust exceeded $2 billion on August 1, daily net inflows into US-based spot Ethereum exchange-traded funds began to follow a positive trend again. On the same day, Ethereum ETF funds recorded net inflows of $28.5 million, led by $91.4 million inflows into BlackRock's iShare Ethereum Trust (ETHA). Grayscale's Ethereum Trust experienced an outflow of $78 million, bringing total outflows since the fund's conversion to a spot fund to just over $2 billion. Unlike the other eight spot Ethereum ETF funds launched on July 23, ETHE was introduced as a vehicle that offered institutional investors the opportunity to invest in Ethereum and was converted into a spot ETF fund at that time.
ETHE held a total of $9 billion worth of Ethereum before the conversion. Today's exit figure means that 22% of the fund has been sold. Analysts predict that slowing outflows from Grayscale's fund could have a positive impact on the Ethereum price.
Important Remarks
Mads Eberhardt, senior analyst at Steno Research, noted that the large outflows from Grayscale's ETHE Trust will likely taper off towards the end of the week, and this taper could have a positive impact on the Ethereum price. Eberhardt said the following in a post he shared on X on July 30:
âOn July 23, Kaiko's index head Will Cai stated that the Ethereum price is sensitive to inflows into spot products. Reflecting this sentiment, Ethereum has fallen 8.5% since the launch of the ETF funds to $3,168, according to TradingView data. The recent selling pressure negatively affects the Ethereum price, and this is also reflected in the Ethereum ecosystem. The interest of Web3 users is decreasing day by day.â
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