The post Grayscale ETH ETF Outflows Hit $2 Billion As Ethereum Price Struggles Below $3,000 appeared on BitcoinEthereumNews.com.

The Ethereum price performance has been a major source of concern for investors over the past few weeks, persisting in a downward trend. What makes the token’s struggles even more worrying is that it has not shown any signs of relief despite the recent launch of spot ETH ETFs (exchange-traded funds) in the United States. However, it appears that the underwhelming performance of the ETH ETFs — so far — might even be contributing to the Ethereum price troubles in recent weeks. Specifically, Grayscale has been seeing a significant flow of capital out of its Ether fund, the Grayscale Ethereum Trust (ETHE). Grayscale Ethereum Trust Hits $2.1 Billion In Outflows Following the first full week of trading, the US spot Ethereum ETF market saw a significant outflow of funds from the crypto products. According to data from SoSoValue, a total of $169.35 million flowed out of the ETH exchange-traded funds in the past week. While this value still represents a significant amount of outflow from the spot Ethereum funds, it is more than 50% lower than the outflow witnessed in the debut week. In the debut week, the ETH ETF market saw a net outflow of more than $341 million. The primary fund responsible for this level of capital outflow is the Grayscale Ethereum Trust, which has seen a withdrawal of over $2.1 billion in the past two weeks. ETHE witnessed a net outflow of over $1.5 billion in the week it launched. Grayscale Ethereum Trust (ETHE) | Source: SoSoValue On Friday, August 2, the Grayscale Ethereum Trust saw a total outflow of $61.43 million, according to data from SoSoValue. This latest fund movement brings the total net asset value of ETHE to just a little under $6 billion. Similarly to when the spot Bitcoin ETFs launched, holders of Grayscale’s…

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Filed under: News - @ August 4, 2024 4:08 pm