- Withdrawals from the Grayscale’s ETHE have surpassed $2.5 billion as of August 21.
- The biggest stretch of outflows was seen by spot Ethereum ETFs, which lost $92.2 million.
Spot Ethereum exchange-traded funds (ETFs) in the US have seen withdrawals for five days in a row. This is the longest run of withdrawals since their inception on July 23.
Withdrawals from the Grayscale Ethereum Trust (ETHE) having surpassed $2.5 billion as of August 21 have outpaced the majority of investments made by the nine spot Ether ETFs that were recently authorized.
Ongoing Struggle
According to data provided by Farside Investors, ETHE has been consistently reporting daily outflows with the exception of August 12th. When the Grayscale fund did not record any net flows. The biggest stretch of outflows was seen by spot Ethereum ETFs, which lost $92.2 million in five days from August 15th to the 21st.
Withdrawals of $158.6 million were recorded by Grayscale’s ETHE during this time. Bitwise Ethereum ETF (ETHW), the Fidelity Ethereum Fund (FETH), and BlackRock’s iShares Ethereum Trust ETF (ETHA) all saw inflows. This actually mitigated the impact.
In contrast, $231.9 million has been maintained as positive flows in the Grayscale Ethereum Mini Trust (ETH) since its debut. And there have been no known outflows. On August 20, ETHA also achieved a milestone: it was the first spot Ether ETF to receive $1 billion in net inflows. Net flows from spot Ethereum ETFs amount to -$458.5 million at now.
However, there have been net positive flows of $17.5 billion into US-based spot Bitcoin ETFs since their introduction in January 2024. Despite the $19.6 billion that has been removed from the Grayscale Bitcoin Trust, spot BTC ETFs have managed to have a positive balance sheet.
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