According to statistics from Farside, Grayscale’s Ethereum ETF (ETHE) lost a lot of funds on July 25. It lost about $346 million. With this new withdrawal, the fund has lost a total of $1.1 billion in the last three trading days since it became a spot Ether fund.
Since the change, ETHE’s assets under control have dropped from over $9 billion to $7.4 billion. This happened at the same time that U.S. spot Ethereum ETFs were introduced.
BlackRock’s iShares Ethereum Trust (ETHA), on the other hand, got $71 million in new deposits, the most of any fund on the same day. The Ethereum Mini Trust (ETH), Grayscale’s new creation, came in second with more than $58 million.
Ethereum ETF Net Losses
A lot of funds came into other Ethereum funds as well. The Fidelity Ethereum Fund (FETH) got $34.32 million, the Bitwise ETH ETF (ETHW) got $16.34 million, the VanEck ETH ETF (ETHV) got $8 million, and the Invesco/Galaxy ETH ETF (QETH) got $6.2 million.
Even with these gains, total net losses hit $152.4 million on July 24, the most since the market opened on July 23. This was mostly because a lot of money was taken out of ETHE.
When it first came out in 2017, ETHE let institutional buyers buy Ethereum and hold on to it for six months. Since July 22, when it changed into a spot Ether fund, investors have had more freedom to sell their shares.
ETHE has a relatively high 2.5% management fee compared to younger funds. This has caused investors to switch to funds with lower fees, similar to how over $5 billion left Grayscale’s Bitcoin ETF (GBTC) after the conversion.
But Grayscale’s ETH Mini Trust, with its low 0.15% fee, has shown promise, bringing in more funds since it became an ETF. There have been changes in the market, and reports on X about a possible sale involving an ETH Foundation-related wallet transferring 92,000 ETH, worth about $289 million, have caused people to think that the price of ETH might go down.
