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On August 2, Grayscale's Ethereum ETF faced unprecedented outflows, with over $2 billion exiting the fund.
ETHE Lost Over $61 Million in One Day
With $2.1 billion leaving the Grayscale Ethereum Trust (ETHE), spot Ether ETFs in the US experienced substantial swings on Aug
Data from SoSoValue shows that on August 2nd, spot Ether ETFs saw net outflows of more than $54 million. The majority of the funds left ETHE, which lost more than $61 million in a single day.
For investors looking to gain exposure to Ethereum without actually buying and storing the cryptocurrency, ETHE has been a major participant since 2017.
Grayscale Ethereum Mini Trust Remains Stable
Other spot Ether ETFs are seeing distinct trajectories despite the fact that ETHE saw significant outflows. No money left the Grayscale Ethereum Mini Trust ETF (ETH), keeping the net inflow at $201 million.
Fidelity Ethereum Fund Sees Major Inflows
Over $6 million was added to the Fidelity Ethereum Fund (FETH) yesterday, making it the most major net investor. With this new investment, FETH's net inflows have reached $297 million.
Positive inflows were also observed in the Franklin Ethereum ETF (EZET), with a net inflow of little over $1 million on a single day, bringing the total net inflows to $30.6 million.
According to Cointelegraph, the market capitalization of spot Ethereum exchange-traded funds was $8.3 billion as of the publication date of August 3, 2018. At present, the ETF net asset ratio is at 2.29%, indicating that there is a reasonable allocation of Ether among the various ETFs relative to the entire market value of ETH.
Since spot Ethereum ETFs first appeared on the market on July 23, the total net outflow has hit $511 million.
Net daily inflows to spot Ethereum ETFs were positive on August 1st. With $89.6 million going into BlackRock's iShares Ethereum Trust (ETHA), the ETFs as a whole saw a net inflow of $26.7 million.
As of this writing, one Ethereum token (ETH) is trading at $2,987, a decrease of around 5.71 percent from its value when the ETFs were first introduced.
