Grayscale's ethereum ETF saw net outflows of $346 million on its third day of trading.
BlackRock's iShares ethereum Trust led the pack with $71 million in inflows.
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Grayscale’s ethereum ETF (ETHE) closed Thursday with roughly $346 million in net outflows, extending its losses to $1.1 billion within three trading days of its conversion. data of Farside Investors reveals. After the third day of trading, ETHE Assets Under Management plummeted from over $9 billion to $7.4 billion, a notable decline since the launch of ethereum spot ETFs in the US.
In contrast, BlackRock’s iShares ethereum Trust (ETHA) led inflows on Thursday, attracting roughly $71 million. Grayscale’s ethereum Mini Trust (eth), a spin-off of Grayscale’s ethereum Trust, followed with over $58 million in net inflows.
Other funds, such as Fidelity’s ethereum Fund (FETH), Bitwise’s ethereum ETF (ETHW), VanEck’s ethereum ETF (ETHV), and Invesco/Galaxy’s ethereum ETF (QETH), also reported inflows. The remaining ETFs did not see any flows.
Despite inflows into eight ethereum ETFs, the combined net outflow from the nine funds on Wednesday reached $152 million, the largest since their trading debut on July 23. This outflow was largely driven by Grayscale’s ETHE.
ETHE's 2.5% fee makes it a considerably expensive option for investors who are looking to gain exposure toethereum. Investors have been selling their ETHE staking and transition to new participants with lower fees.
The situation is not entirely unexpected given the experience of Grayscale's bitcoin ETF (GBTC). Outflows from the fund exceeded $5 billion after the first month of operations, according to Bloomberg data.
However, this time, Grayscale's ethereum Mini Trust could help him get rid of he Déjà vu. The 0.15% eth fee makes it one of the lowest-cost ethereum spot funds in the US market, and inflows into the fund have grown steadily since it became an ETF.
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