Continued Outflows in U.S. Ethereum ETFs Driven by Grayscale’s Divestments
The nine ethereum exchange-traded funds (ETFs) based in the United States have experienced another day of outflows, marking the fourth consecutive day of reduction, according to the latest data. On Monday, July 29, 2024, a total of $98.29 million was withdrawn from these funds, all originating from Grayscale’s Ethereum Trust (ETHE). This has resulted in a cumulative net inflow of -$439.64 million since July 23.
Among the ETFs, Blackrock’s ether ETF ETHA emerged as the biggest gainer on Monday. It absorbed $58.17 million, followed by Fidelity’s FETH which attracted $24.82 million, and Vaneck’s ETHV securing $10.91 million. Bitwise’s ETHW fund received $10.45 million, while Grayscale’s Mini Ether Trust (ETH) gained $4.9 million. Franklin Templeton’s EZET saw $2.52 million in inflows.
Invesco’s and Galaxy’s QETH and 21shares’ CETH had a neutral trading day, with no inflows or outflows. The total trading volume for the day reached approximately $773.01 million. Collectively, these nine ether ETFs hold about $9.24 billion in ETH reserves, representing 2.31% of ETH’s total market capitalization. The main contributing factor to the negative inflow in these funds has been the significant outflows from Grayscale’s ETHE.
What are your thoughts on the recent ethereum ETF activity on Monday? Feel free to share your opinions and perspectives in the comments section below.
