The Grayscale Ethereum Trust (ETHE) exchange-traded fund (ETF) has reported a single-day net outflow of $31 million, marking a return to negative flows after a brief pause. According to data from Farside Investors, historical net outflows from ETHE have now reached over $2.3 billion.
According to Farside, this reversal follows a day of zero flows on Aug. 12. Despite the negative flows for ETHE, the overall market for United States-based spot Ether (ETH) ETFs showed positive movement. On Aug. 13, total net inflows for spot Ether ETFs were $24.3 million.
On Aug. 12, ETHE marked its first day without any outflows, breaking a streak of consecutive daily withdrawals since its inception. This caused spot Ether ETFs to experience positive flows for the fifth time since they launched on July 23.
This development coincided with a notable increase in onchain activity across Ethereum and its layer-2 networks.
Market dynamics and competition
Since its conversion to a spot ETF, ETHE has experienced significant outflows of approximately $2.3 billion in Ether, amounting to 25% of its initial $9 billion ETH holdings.
ETHE resumed its negatived outflows on Aug. 13. Source: Farside Investors
This rapid decline occurred within just two and a half weeks, contrasting with the Grayscale Bitcoin Trust (GBTC), which took almost four months to achieve its first day without withdrawals.
Related: Ether ETF weekly flows turn positive for first time since launch
However, Grayscale’s Ethereum Mini Trust ETF experienced a single-day net outflow of $0.00, maintaining a historical total net inflow of $221 million. This stability highlights the differing performance and investor confidence between Grayscale’s major and mini-trust ETFs.
BlackRock's ETHA and Fidelity’s FETH lead
Significant inflows into other Ethereum spot ETFs further shaped the market dynamics. BlackRock's iShares ETF, ETHA, led the pack with a single-day net inflow of $49.1244 million, boosting its historical total net inflow to $950 million.
Fidelity’s ETF, FETH, also showed robust performance with a single-day net inflow of $5.4132 million, bringing its historical total net inflow to $351 million.
Despite the positive inflows, the historical cumulative net outflow for Ethereum spot ETFs has reached $377 million.
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