灰階資金流出的減少會幫助 ETH 價格上漲嗎？

與上市首周相比，美國現貨以太坊 ETF 在交易第二週的流出量大幅下降。

U.S. spot Ethereum ETFs faced a significant decline in outflows during the second week of trading, easing from its debut week.

美國現貨以太坊 ETF 在交易第二週面臨資金流出大幅下降，較首周有所緩解。

In the first week, the products recorded a net outflow of $341.3 million, which was driven entirely by Grayscale’s bleeding ETHE and Mini Trust (ETH) products.

第一周，該產品錄得 3.413 億美元的淨流出，這完全是由灰階出血的 ETHE 和 Mini Trust (ETH) 產品推動的。

Specifically, ETHE drove $1.5 billion in outflows during the first week of trading. However, the outflows dropped in the second week, signaling that ETHE outflows might be “tapering,” according to Coinbase analysts.

具體而言，ETHE 在交易第一週就帶動了 15 億美元的資金流出。然而，根據 Coinbase 分析師的說法，第二週的流出量有所下降，這表明 ETHE 的流出量可能正在「逐漸減少」。

“Note that the ETHE outflows have been declining day-to-day, which reinforces our belief that these outflows have been front-loaded compared to what we saw with Grayscale Bitcoin Trust (GBTC) earlier in the year.”

「請注意，ETHE 的流出量每天都在下降，這強化了我們的信念，即與今年早些時候我們在灰度比特幣信託(GBTC) 上看到的情況相比，這些流出量已經提前了。

Source: Coinbase

來源：Coinbase

Will tapering Grayscale outflows help ETH’s price?

灰階資金流出的減少會幫助 ETH 價格上漲嗎？

To put things in perspective, total Grayscale outflows in the first week were $1.94 billion—$1.5 billion from ETHE and a $448 million dump on Mini Trust (ETH).

客觀來看，灰階第一週的總流出量為 19.4 億美元，其中 15 億美元來自 ETHE，4.48 億美元來自 Mini Trust (ETH)。

In the second week, ETHE saw $603 million in outflows, while ETH shed $175.5 million. This brought the outflows to below $800 million in the second week, indicating a slowdown in the massive investor exodus from Grayscale.

第二週，ETHE 流出 6.03 億美元，而 ETH 則流出 1.755 億美元。這使得第二週的資金外流降至 8 億美元以下，顯示投資人大規模撤離灰階的速度放緩。

Coinbase analysts had projected that Grayscale ETF outflows would ease by the second week, comparing their patterns to that of GBTC.

Coinbase 分析師預計，灰階 ETF 的流出量將在第二周有所緩解，並將其模式與 GBTC 進行比較。

While this projection seems to be playing out right now, ETH’s price has remained largely muted amid cautious investor sentiment across the U.S. and Asian markets.

雖然這項預測目前似乎正在發揮作用，但由於美國和亞洲市場投資者情緒謹慎，以太坊的價格基本上保持平靜。

Excluding ETHE, the spot ETH ETF has seen inflows of over $1.5 billion, according to Farside Investors. However, the altcoin’s price dropped below $3,000 due to the prevailing market pessimism.

據 Farside Investors 稱，不包括 ETHE，現貨 ETH ETF 的資金流入已超過 15 億美元。然而，由於市場普遍悲觀情緒，山寨幣的價格跌破 3,000 美元。

At press time, ETH appeared to be retesting the $3,000 level on the charts, which acted as a crucial demand zone in 2024 for the fifth time. This has reversed all its July gains.

截至發稿時，ETH 似乎正在重新測試圖表上的 3,000 美元水平，這是 2024 年第五次成為關鍵需求區域。這扭轉了 7 月的所有漲幅。

It remains to be seen whether the tapering Grayscale outflows will pave the way for a rebound at the demand level.

灰度資金流出的減少是否將為需求水準的反彈鋪平道路，還有待觀察。

Source: ETH/USDT, TradingView

來源：ETH/USDT，TradingView