U.S-traded spot Ethereum (ETH) exchange-traded funds (ETFs) saw about $476 million in outflows during the first month of trading.
The ETFs, listed on July 23 2024, posted positive net inflows of $106.6 million on the first day but Grayscale’s freshly-converted Ethereum Trust experienced $484.1 million in net outflows, a trend that would continue for the rest of the month.
According to data from Soso Value, Grayscale’s ETHE shed nearly $2.6 billion in its first month.
Sport Ethereum ETFs weekly performance since launch on week of July 23. Only one week saw positive net inflows.This performance stands in stark contrast to the $5 billion in inflows that Bitcoin ETFs attracted within a comparable period after their launch. This led Bloomberg ETF analyst to point out the “heroic” performance by the 9 BTC ETFs to stem the outflows from the unlock of Grayscale’s GBTC, regarded as the world’s largest Bitcoin ETF.
Although the inflows for other Ether ETFs weren’t enough to achieve a positive net flow for the month, the amount of money invested in these crypto products has still been substantial:
- BlackRock’s ETHA saw over $1 billion in inflows, making it the seventh-largest ETF by year-to-date flows, according to shared data
- Fidelity’s FETH also experienced notable inflows of approximately $393 million, ranking it as the 19th largest ETF in 2024
- Bitwise’s ETHW is another US-traded Ethereum ETF, collecting over $300 million in inflows during its first year
- Despite significant outflows from Grayscale’s ETHE, its Ethereum mini trust, ETH, managed to attract close to $240 million in inflows
If the total inflows of U.S-traded Ethereum ETFs were combined into one product, it would rank as the fourth-largest exchange-traded fund by 2024’s flows.
Cumulatively, the ETFs have registered a net negative $562.16 million in flows as of September 4 2024. Meanwhile, while the 8 other products have registered positive inflows in the hundreds of millions, Grayscales ETHE has $2.6 billion in outflows, dragging down the cumulative figure to negative.
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