If Grayscale's upcoming Ether exchange-traded fund (ETF) follows the trend set by the company's Bitcoin Trust in its first month, it could see an average daily outflow of $110 million, according to a report from Kaiko. This prediction comes after the US Securities and Exchange Commission approved spot Ether ETFs last week. Grayscale Bitcoin Trust (GBTC) converted from a closed-end fund to an ETF on January 11. In its first month, 23% of its assets under management (AUM) experienced an outflow of $6.5 billion, Kaiko analysts reported May 27. Grayscale's Ether Trust (ETHE) has an AUM of $11 billion. If ETHE sees a similar outflow level as GBTC, this could lead to average daily outflows of $110 million, representing 30% of ETH's average daily volume on Coinbase. Kaiko analysts suggest that if ETHE becomes a spot ETF, it is "reasonable to expect" outflows or redemptions as this discount narrows.