Grayscale's Ethereum ETF (ETHE) Lost Over $61 Million in One Day

With $2.1 billion leaving the Grayscale Ethereum Trust (ETHE), spot Ether ETFs in the US experienced substantial swings on Aug

Major outflows were seen from Grayscale's Ethereum ETF on August 2nd, with the fund losing over $2 billion.

ETHE Loses Over $61 Million in a Single Day

Spot Ether ETFs in the United States saw significant outflows on Aug. 2, with over $54 million leaving the funds, according to data from SoSoValue. The majority of the outflows were seen in ETHE, which lost more than $61 million in a single day.

Since 2017, ETHE has been a key player for investors looking to gain exposure to Ethereum without having to directly purchase and store the cryptocurrency.

Grayscale Ethereum Mini Trust Sees Minimal Outflows

Other spot Ether ETFs are seeing varied trajectories, with the Grayscale Ethereum Mini Trust ETF (ETH) seeing minimal outflows. The fund saw no outflows on the day, leaving its net inflows at $201 million.

Fidelity Ethereum Fund Sees Major Inflows

The largest net inflows were seen in the Fidelity Ethereum Fund (FETH), which saw over $6 million entering the fund. This brings FETH's net inflows to $297 million.

Minimal inflows were also seen in the Franklin Ethereum ETF (EZET), which saw a net outflow of just over $1 million in a single day, bringing its total net inflows to $30.6 million.

As of the publication date of August 3, 2018, the market capitalization of spot Ethereum exchange-traded funds was $8.3 billion, according to Cointelegraph. At present, the ETF net asset ratio is at 2.29%, indicating a reasonable allocation of Ether among the various ETFs relative to the total market capitalization of ETH.

Since the debut of spot Ethereum ETFs on July 23, the total net outflows have reached $511 million.

Net daily inflows into spot Ethereum ETFs were positive on August 1st. The ETFs saw a total net inflow of $26.7 million, with $89.6 million entering BlackRock's iShares Ethereum Trust (ETHA).

One Ethereum token (ETH) is currently trading at $2,987, which is down about 5.71% from its price at the time of the ETFs' launch.