Grayscale 的以太坊 ETF 推出一周后出现大规模资金流出

新转型的灰度以太坊信托基金（ETHE）的 ETH 持有量在短短五个交易日内暴跌 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在推出仅一周后就出现了大规模资金流出，远远超过了今年早些时候比特币ETF的资金流出速度。

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.

新转型的灰度以太坊信托基金（ETHE）的 ETH 持有量在短短五个交易日内暴跌 17.44%。从长远来看，Grayscale 的比特币信托基金 (GBTC) 在 1 月份转换为 ETF 后，用了 11 天的时间才出现类似的百分比下降。

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.

尽管灰度努力留住投资者，但资产的快速流失还是出现了。该公司推出了一支股票代码为 ETH 的衍生基金，提供市场上最低的管理费，为 0.15%。这与 ETHE 2.5% 的费用形成鲜明对比，该费用明显高于竞争对手收取的 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.

分析师认为，有几个因素导致了资金外流加速。交易者可能会提前出售 ETHE 股票以利用套利机会。一些投资者，尤其是来自破产财产的投资者，清算资产的速度可能比 GBTC 观察到的要快。此外，ETHE 2.5% 的高额管理费可能会促使投资者转向更便宜的替代品。

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

市场已感受到这些资金外流的影响，ETHBTC 比率跌至 0.047 的低点。

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 并不全是厄运和悲观。市场上的其他新进入者也出现了强劲的资金流入。 BlackRock 的 ETH ETF 在前五个交易日内吸引了 151,831 ETH（约 5.08 亿美元），而 Bitwise 和 Fidelity 分别流入 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.

总的来说，新的 ETH ETF（不包括 Grayscale）在第一周就迎来了 13 亿美元的流入。这是 1 月份比特币 ETF 推出周流入量的 37.7%，表明尽管灰度面临挑战，但对以太坊 ETF 的需求依然强劲。