Ethereum

Read

Spot

Grayscale’s Ethereum ETF (ETHE) experienced another day of significant net outflows totaling approximately $346 million on July 25.
Per Farside <a href="https://farside.co.uk/?p=1518" target="_blank" rel="noopener noreferrer nofollow">data</a>, the latest outflow brings the fund’s losses to $1.1 billion over the past three trading days following its recent conversion.
Since its conversion, Grayscale’s Ethereum ETF’s (ETHE) assets under management have decreased sharply from over $9 billion to $7.4 billion. This significant drop coincides with the introduction of US spot Ethereum ETFs.
On the other hand, BlackRock’s iShares Ethereum Trust (ETHA) led the inflow charts on the same day, with $71 million in new investments. Close behind was Grayscale’s new spinoff, the Ethereum Mini Trust (ETH), which saw more than $58 million in inflows.
Other Ethereum funds like the Fidelity Ethereum Fund (FETH) and Bitwise’s Ethereum ETF (ETHW) also reported notable inflows of $34.32 million and $16.34 million, respectively.
VanEck’s Ethereum ETF (ETHV) and the Invesco/Galaxy Ethereum ETF (QETH) saw smaller inflows of $8 million and $6.2 million respectively, while some funds recorded no new flows at all.
Despite these gains for eight Ethereum ETFs, total combined net outflows reached $152.4 million on July 24, marking the highest since their market debut on July 23, primarily driven by large withdrawals from ETHE.
Originally launched in 2017, ETHE allowed institutional investors to purchase and hold Ethereum but required them to adhere to a six-month lock-up period. Since its transformation into a spot Ether fund on July 22, investors have been able to sell their holdings more freely.
You might also like: <a href="https://crypto.news/spot-ethereum-etfs-saw-133m-outflow-on-second-trading-day/" rel="noopener noreferrer nofollow"> Spot Ethereum ETFs saw $133m outflow on second trading day </a>
The 2.5% management fee for ETHE is relatively high, prompting investors to switch to newer funds with lower fees. This pattern mirrors the situation with <a href="https://crypto.news/grayscales-gbtc-sees-33-reduction-in-bitcoin-holdings-amid-9-26b-outflows/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s Bitcoin ETF (GBTC)</a>, which saw over $5 billion in outflows in its first-month post-conversion, per reports.
However, the recently converted Ethereum Mini Trust may provide a turnaround for Grayscale with its low 0.15% fee, making it one of the most cost-effective spot Ethereum funds in the US. The fund has seen growing inflows since becoming an ETF.
Amid these market movements, <a href="https://x.com/JakeGagain/status/1816715097169146229" target="_blank" rel="noopener noreferrer nofollow">rumors circulated</a> on X about a potential sale involving an <a href="https://crypto.news/ethereum-foundations-official-email-hacked-to-promote-bogus-lido-staking-scam/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Foundation</a>-related wallet transferring 92,000 ETH, valued at about $289 million. This led to speculation about a possible price drop for Ethereum.
At the time of writing, Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), the largest altcoin, was trading at $3,252, up 2.5% over the previous day.
Read more: <a href="https://crypto.news/ethereum-investigated-state-authority/" rel="noopener noreferrer nofollow"> Ethereum Foundation reportedly investigated by ‘state authority’ </a>

Grayscale ETH ETF outflows surpass $1b mark since launch

crypto.news

在 2024年7月26日發表的其他文章

Ripple vs. SEC: Legal Expert Bill Morgan Dissects Ripple Settlement Speculations

BNB Chain Eliminates $971M BNB in 28th Quarterly Token Burn

Bitcoin Tumbles as Mt. Gox Executes Massive BTC Transfer: How Much

Coinbase adds former Bill Clinton aide, Supreme Court lawyer to board

Kamala Harris Aims to Eradicate Bitcoin: Crypto in Danger

From Clicks to Crypto: The Rise of Tap-to-Earn Games

訂閱免費電子報，每天收取加密貨幣最新動態！