Daily net inflows into U.S. Ethereum exchange-traded funds (ETFs) have returned to positive despite cumulative outflows from the Grayscale Ethereum Trust (ETHE) exceeding $2 billion.
ETH Ethereum (ETH) recorded net inflows of $26.7 million on August 1, led by $89.6 million inflows into the BlackRock iShares Ethereum Trust (ETHA), according to data from Faride Investors.
Ethereum ETFs posted net inflows of $26.7 million on August 1st.
Grayscale's Ethereum Trust saw $78 million in outflows on Aug. 1, bringing cumulative outflows from the fund to just over $2 billion since it converted to a spot ETF.
Unlike the other eight Ethereum spot ETFs that launched as baby funds on July 23, ETHE was a trust that offered institutional investors exposure to Ether.
Before the conversion, ETHE held $9 billion in Ether on its balance sheets. The outflow exceeded 22% of the original fund as of August 1.
Steno Research senior analyst Mads Eberhardt previously said that it is "likely" that the massive outflow from Grayscale's ETHE will begin to subside towards the end of the week, adding that the slowdown in outflows is a catalyst for the ETH price to rise.
“When it happens, it comes from there,” Eberhardt wrote in a July 30 post to X.
Earlier on July 23, Kaiko Index Head Will Kaye said the ETH price would be “sensitive” to inflows into spot products.
Reflecting this sensitivity, ETH is changing hands at $3,168 at press time, down 8.5% since the ETF launched, according to TradingView data.