Ethereum Spot ETFs Witness $152M in Outflows on Day 3, Grayscale ETHE Faces $346M Exodus

NEW YORK, New York – On their third day of trading, U.S.-based spot Ethereum exchange-traded funds (ETFs) experienced a mix of inflows and outflows, primarily due to significant withdrawals from Grayscale’s Ethereum Trust, as reported by SoSoValue.

Seven of the eight newly launched spot Ether ETFs saw combined outflows amounting to $152 million. Despite this, BlackRock’s iShares Ethereum Trust ETF and Grayscale’s Ethereum Mini Trust attracted notable inflows of $70.93 million and $28.09 million, respectively. Additionally, the Fidelity Ethereum Fund (FETH) and Bitwise’s Ethereum ETF (ETHW) reported net inflows of $34.32 million and $16.34 million, respectively.

Grayscale Outflows Impact New Ethereum ETFs

The recent conversion of Grayscale’s Ethereum Trust to an ETF has led to considerable selling pressure, resulting in outflows of $346.2 million on the third day alone. Since its conversion, the trust has seen over $1.15 billion in total outflows, with investors offloading more than 10% of the fund’s assets.

Contrasting Trends in Ethereum ETF Trading Volume

While the new Ethereum ETFs collectively saw over $1 billion in trading volume on their debut day, the Grayscale Ethereum Trust experienced $485 million in redemptions. According to JPMorgan, these outflows may be attributed to investors seeking more cost-effective alternatives or capitalizing on the enhanced liquidity following the ETF conversion.

As of the last trading day, Ethereum traded 1.8% higher at $3,247.