US Ethereum ETFs post biggest one-day loss since late July as Grayscale Trust sheds $80M

Share this article

More than $79 million was withdrawn from nine U.S. spot Ethereum ETFs on Monday, the largest single-day outflow since July 29, according to data tracked by Farside Investors. Grayscale Ethereum Trust, or ETHE, led the redemptions, with investors withdrawing more than $80 million from the fund.

Since the ETF conversion, the ETHE fund has seen net outflows of over $2.8 billion. Despite the continued bleeding, it is still the largest Ether fund in the world, with around $4.6 billion in assets under management.

Monday’s exits ended a brief two-day gain for these ETFs. Unlike ETHE, the Bitwise Ethereum ETF (ETHW) was the only gainer on the day, with zero flows reported from most competing funds. Investors bought over $1 million worth of shares in Bitwise’s ETHW offering.

As of September 23, ETHW’s net purchase exceeded $320 million, while its Ether holdings exceeded 97,700, worth about $261 million at current prices.

Slow demand for US-listed Ethereum ETFs has continued since their market debut on July 23rd. BlackRock’s iShares Ethereum Trust (ETHA) currently leads in net flows and was the first to reach $1 billion in net capital. It is followed by Fidelity’s Ethereum Fund (FETH) and Bitwise’s ETHW.

While Ethereum ETFs faced a decline, their Bitcoin counterparts enjoyed a third straight day of gains, collectively adding $4.5 million, Farside data shows.

Gains in Fidelity’s Bitcoin Fund (FBTC), BlackRock’s iShares Bitcoin Trust (IBIT), and Grayscale’s Bitcoin Mini Trust (BTC) offset substantial outflows from Grayscale’s Ethereum Trust.

Share this article