Grayscale's Ethereum ETF sees nearly $2 billion outflow since debut

Investors have withdrawn nearly $2 billion from Grayscale's ethereum exchange-traded fund (ETF) since it was converted from a trust, data Farside Investors reveals that the fund, which operates under the brand HE SAID ticker, saw its market value plummet to $6.7 billion amid the Ether price crash.

Grayscale’s ETHE fund lost $133 million on Wednesday, a significant loss but not its worst day on record. The fund saw its largest outflow of capital on the day of its debut as an ETF, when investors withdrew $484 million.

In contrast, the lower-fee version of ETHE, the Grayscale ethereum Mini Trust (eth), extended its inflow streak to seven days. With $19.5 million flowing into the fund on Wednesday, its total net inflows have surpassed $200 million.

While ETHE charges an annual management fee of 2.5%, eth has a much lower fee. At 0.15%, the ethereum Mini Trust fund is the cheapest spot ethereum ETF on the market. Offering the spin-off at an early stage seems to be the right bet for Grayscale after its experience with bitcoin Trust (GBTC).

Other competing ethereum ETFs launched by BlackRock, Fidelity, VanEck, Bitwise and 21Shares raised more than $36 million on Wednesday. Overall, the U.S. spot ethereum ETF group saw roughly $77 million in outflows, reversing the positive trend reported yesterday.

Grayscale's bitcoin Mini Trust gained on its first day

The Grayscale bitcoin Mini Trust (btc), a spin-off of GBTC, began trading today following regulatory approval earlier this month. The ETF attracted $18 million on its first day, while GBTC reported zero inflows, according to Farside Investors. data.