Withdrawals from the spot Ether ETFs in the US are high different from the Bitcoin ETFs which are still gaining more investments.
Eth-based spot ETFs listed in the United States have reported redemptions for the fifth day in a row, the longest daily shedding streak since their debut on July 23.
Nearly all the funds flowing into the recently launched nine spot Ether ETH tickers down $2,638 ETFs have been erased by outflows from the Grayscale Ethereum Trust (ETHE), which have crossed over $2. $ 5 billion as of Aug. 21.
Read also: El Salvador Introduces Bitcoin Certification for Government Employees
Redemptions from ETHE have been daily, although there were none recorded on the 12th of August based on Farside Investors daily net asset update of the Grayscale fund.
As written above, spot Ether ETFs have marked their longest stretch of outflows with a worth of $92. Mobile users generated $2m in five days from August 15 to 21.
Defending against Grayscale outflows
In the same period, ETHE traded on Grayscale had $158. 6 million in outflows. However, similar flows from BlackRock’s iShares Ethereum Trust ETF (ETHA), the Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) moderate this decline.
In an inverse, the Grayscale Ethereum Mini Trust (ETH) has had no outflows since its inception and has positive flows of $231. 9 million.
ETHA also generously became the first spot Ether ETF to garnish $1B in net assets on Aug 20. Overall, net flows to/from spot Ether ETFs at present are negative $458. 5 million.
Read also: Why Bitcoin Is Set for an Exciting September: 3 Key Factors
Bitcoin ETFs attract investments
On the other hand, spot Bitcoins BTC tickers down $61,175 ETFs in the US which started in January 2024 have net positive inflows of $17. 5 billion. Most spot BTC ETFs remain in a positive net asset position due to the Grayscale Bitcoin Trust’s $19. 6 billion of outflows.
In addition, the spot Bitcoin ETFs have seen flows for the ninth consecutive day and are positive for eight out of the last 10. As per the Farside Investors data, the BTC ETFs recorded their two weeks high of $88 million on Aug 20.
The iShares Bitcoin Trust of BlackRock was in the forefront with inflows of $55. 4 million, increasing the total net inflow for the product up to the end of such a month as January to $20. 5 billion.