Grayscale 的以太坊 ETF 推出一週後出現大規模資金流出

新轉型的灰階以太坊信託基金（ETHE）的 ETH 持有量在短短五個交易日內暴跌 17.44%。

Grayscale's Ethereum ETF has seen massive outflows just one week after its launch, far exceeding the pace of outflows experienced by its Bitcoin counterpart earlier this year.

Grayscale的以太坊ETF在推出僅一周後就出現了大規模資金流出，遠遠超過了今年早些時候比特幣ETF的資金流出速度。

The newly converted Grayscale Ethereum Trust (ETHE) saw its ETH holdings plummet by 17.44% in just five trading days. To put this in perspective, it took 11 days for Grayscale's Bitcoin Trust (GBTC) to see a similar percentage decline after its conversion to an ETF in January.

新轉型的灰階以太坊信託基金（ETHE）的 ETH 持有量在短短五個交易日內暴跌 17.44%。從長遠來看，Grayscale 的比特幣信託基金 (GBTC) 在 1 月轉換為 ETF 後，花了 11 天的時間才出現類似的百分比下降。

This rapid asset bleed comes despite Grayscale's efforts to retain investors. The company launched a spinoff fund with the ticker ETH, offering the lowest management fee in the market at 0.15%. This was in stark contrast to ETHE's 2.5% fee, which is significantly higher than the 0.19%-0.25% charged by competitors.

儘管灰度努力留住投資者，但資產的快速流失還是出現了。該公司推出了一支股票代號為 ETH 的衍生基金，提供市場上最低的管理費，為 0.15%。這與 ETHE 2.5% 的費用形成鮮明對比，該費用明顯高於競爭對手收取的 0.19%-0.25%。

Analysts suggest several factors are contributing to this accelerated outflow. Traders may be selling ETHE shares early to capitalize on arbitrage opportunities. Some investors, particularly those from bankruptcy estates, might be liquidating assets more quickly than observed with GBTC. Additionally, ETHE's high 2.5% management fee is likely driving investors to cheaper alternatives.

分析師認為，有幾個因素導致了資金外流加速。交易者可能會提前出售 ETHE 股票以利用套利機會。一些投資者，尤其是來自破產財產的投資者，清算資產的速度可能比 GBTC 觀察到的速度還要快。此外，ETHE 2.5% 的高額管理費可能會促使投資者轉向更便宜的替代品。

The impact of these outflows has been felt in the market, with the ETHBTC ratio hitting lows of 0.047.

市場已感受到這些資金外流的影響，ETHBTC 比率跌至 0.047 的低點。

However, it's not all doom and gloom for Ethereum ETFs. Other new entrants in the market have seen strong inflows. BlackRock's ETH ETF attracted 151,831 ETH (approximately $508 million) in its first five trading days, while Bitwise and Fidelity saw inflows of 81,413 ETH and 74,243 ETH, respectively.

然而，以太坊 ETF 並不全是厄運和悲觀。市場上的其他新進者也出現了強勁的資金流入。 BlackRock 的 ETH ETF 在前五個交易日內吸引了 151,831 ETH（約 5.08 億美元），而 Bitwise 和 Fidelity 分別流入 81,413 ETH 和 74,243 ETH。

In total, the new ETH ETFs (excluding Grayscale) saw inflows of $1.3 billion in their first week. This is 37.7% of the launch week inflows that Bitcoin ETFs received in January, indicating a solid demand for Ethereum ETFs despite Grayscale's challenges.

總的來說，新的 ETH ETF（不包括 Grayscale）在第一週就迎來了 13 億美元的流入。這是 1 月比特幣 ETF 推出週流入量的 37.7%，顯示儘管灰階面臨挑戰，但對以太坊 ETF 的需求仍然強勁。