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Spot Ethereum exchange-traded funds (ETFs) in the United States have lost investment for five consecutive days, their longest outflow streak since their launch on July 23. These outflows stand in sharp contrast to Bitcoin ETFs continuing to attract investment.
Investments from the nine recently approved Ethereum ETFs were overshadowed by outflows from the Grayscale Ethereum Trust (ETHE), which exceeded $2.5 billion as of August 21. The Grayscale fund experienced net outflows every day during this period except August 12, according to Farside Investors data.
Efforts to Counter Grayscale Ethereum ETF Outflows
In the five-day period from August 15 to August 21, the Ethereum ETF ecosystem experienced its longest outflow streak, losing $92.2 million. During the same period, Grayscale ETHE alone reported outflows of $158.6 million. However, comparable inflows from funds like BlackRock’s iShares Ethereum Trust ETF (ETHA), Fidelity Ethereum Fund (FETH), and Bitwise Ethereum ETF (ETHW) helped mitigate this loss.
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ETHA became the first Ethereum ETF to see net inflows of $1 billion on August 20. However, total ETH ETF investments currently have a negative net outflow of $458.5 million.
Bitcoin ETFs Continue to Attract Investment
On the other hand, Bitcoin ETF investments launched in January 2024 are net positive in the US at $17.5 billion. Despite Grayscale Bitcoin Trust’s (GBTC) outflows of $19.6 billion, BTC ETFs continue to maintain a positive balance. Spot Bitcoin ETFs, which have recorded positive flows in eight of the last 10 days, saw an increase of $88 million on August 20, the highest inflow in two weeks.
BlackRock’s iShares Bitcoin Trust (IBIT) led the way with $55.4 million in inflows, bringing total net inflows for this product to $20.5 billion since its launch in January.
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