- US ETH ETFs attracted $48.73 million on Monday, marking the second-largest inflow since their inception
- Grayscale’s Ethereum Trust experienced a $46.84 million outflow, significantly offsetting the inflows and contributing to the overall deficit
- Despite a broader crypto market decline, specific funds like Blackrock’s ETHA saw notable gains, but the overall net position remains negative due to major outflows from Grayscale
On Monday, U.S. ETFs on Ethereum had an influx of $48.73 million, the second-highest increase since they started. But big outflows from Grayscale’s Ethereum Trust lessened the overall effect.
U.S. ETH ETFs Experience Significant Inflows Despite Market Downturn
On Monday, U.S. exchange-traded funds (ETFs) for spot Ethereum saw their second-biggest inflows since their inception. The total addition was about $48.73 million. However, the nine funds collectively still face a total loss of $461.98 million due to substantial outflows from Grayscale’s Ethereum Trust.
Despite the broader cryptocurrency market experiencing a significant decline during Monday’s trading, U.S. ETH-based ETFs saw gains according to data from sosovalue.xyz.
The primary contributor to the $48.73 million inflow was Blackrock’s ETHA fund, which received $47.09 million. Following were VanEck’s ETHV with $16.62 million and Fidelity’s FETH fund, which accumulated $16.15 million.
Grayscale’s Mini Ethereum Trust (ETH) also saw $7.59 million in inflows, while Bitwise’s ETHW saw $7.2 million come in. Franklin Templeton’s EZET added a modest $908,380.
Grayscale’s Outflows Offset ETF Gains; Reserves Decline
Grayscale’s ETHE, however, experienced a significant outflow of $46.84 million, which reduced the overall gains from the inflows. Since July 23, ETHE has reduced its ether reserves by $2.16 billion.
Monday’s trading session recorded $715.61 million in trade volume. Currently, the net reserves held by the nine funds are valued at $6.70 billion. This figure is substantially lower than it was on July 23, reflecting a sharp decline in ETH’s spot value and the $2.16 billion pulled out from Grayscale’s Ethereum Trust.
Conclusion
Even though a lot of money has flowed into Ethereum ETFs, Grayscale’s big outflows have pretty much canceled it out. This has left the funds with a big shortfall showing how shaky the market is and how investments are changing.
