ETH Falls 9% in 24 Hours as Grayscale’s ETHE Exits Continue
Ethereum is facing difficulties as ETH experienced a significant drop of over 7.5%, trading around $3,100. This decline comes amidst growing concerns about the significant outflows from Grayscale Ethereum Trust ETF (ETHE), with Tuesday seeing another $327 million in the red.
Massive ETHE Outflows: Is Grayscale Pulling Ethereum Down After Bitcoin?
Data from several analysts shows that Grayscale’s major Ethereum Spot ETF, ETHE, has recorded net outflows exceeding $810 million. This phenomenon recalls the challenging start of Grayscale Bitcoin Trust (GBTC) earlier this year when it also experienced significant outflows during its conversion to a Spot Bitcoin ETF. The situation of ETHE contrasts with other Ethereum ETFs that have displayed more stable performances without managing to offset these outflows.
Performance of Other Ethereum Spot ETFs
During Wednesday’s trading session in the United States, several other Ethereum ETFs showed slight inflows. Since the launch of Ethereum ETFs, BlackRock’s ETHA is leading with net inflows of $283.9 million, followed by Bitwise’s ETHW with $233.6 million, and Fidelity’s FETH with $145.7 million.
