Ethereum ETFs Record $341.8 Million Outflow in First Week of Trading

According to data from Farside Investors and SpotOnChain, Ethereum spot ETFs that were approved by the SEC to start trading earlier this week ended the trading day on July 26 (US time) with an outflow of up to -$162.7 million, the highest ever.
With the outflow mainly coming from Grayscale's ETHE fund with $356.3 million, the inflow from the remaining funds was not enough to help the Ethereum ETF close its first trading week on a green note, as the total outflow of the past days reached -$341.8 million.
Similar to Bitcoin ETFs in their early trading days, the reason for such a high outflow of Ethereum ETFs is that investors are switching from pre-existing ETHE products with annual management fees of up to 2.5% to new names with lower fees.

Observers believe that at the current rate of capital withdrawal, it will take another 3-4 weeks for the selling pressure from ETHE to stabilize.
Last week, ETH prices were adjusted to $3,087 and only recovered half of what was lost, unlike Bitcoin which has returned to its old price range.

Meanwhile, Bitcoin ETFs had another successful trading week, with a total inflow of +535.3 million USD in the week thanks to the inflow of +51.8 million USD on July 26. However, this figure has halved compared to the inflow levels of more than $1 billion in the previous two weeks.

Last week, BTC also broke its streak of 12 consecutive days of inflow, contributing to the sharp correction of Bitcoin prices to $63,400 on the morning of July 25 due to information about Kraken and Bitstamp returning BTC to Mt. Gox investors.
However, BTC at the time of writing has recovered strongly to above $68,200 thanks to the optimism of the investment community before the speech of former US President Donald Trump at the Bitcoin 2024 Conference this Saturday.