Grayscale Ethereum Trust Saw Outflow Over 13% In Last 3 Days
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Read more: Ethereum ETF Trading Exceeds $1 Billion in Volume on the First Day
The outflow rate stands much above the 4% that Grayscale Bitcoin Trust ETF (GBTC) had seen during its early days in January. Yet, ETHE still holds 2.28 million ETH.
On the other hand, other Ethereum-related funds ended up in the green. The Grayscale Ethereum Mini Trust garnered $58.1 million in net inflows, while the Bitwise Ethereum ETF added $16.3 million. US Ethereum spot ETF trading volume hit roughly $850 million the same day.
Grayscale is a player in the crypto space since 2013 that holds massive trust with over $9 billion in Ether and is now converting into an ETF as part of the broader strategy at Grayscale under Barry Silbert’s Digital Currency Group umbrella.
The high enthusiasm for Ethereum ETFs usually dies right after launch, and this seems consistent with the performance trend of Grayscale Ethereum Trust. Furthermore, the general decline in US equity markets might have been a driver for these flows.
Adding to the jitters in the market, recent rumors have it that a wallet supposedly linked to the Ethereum Foundation transferred 92,000 ETH, approximately worth $289 million, to a new address for the first time in seven years. Movements like this most often lead to suspicions of impending sales, which in turn could let the ETH price drop down, as has been the precedent.
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