灰度资金流出逐渐减少会帮助 ETH 价格上涨吗？

与上市首周相比，美国现货以太坊 ETF 在交易第二周的流出量大幅下降。

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

美国现货以太坊 ETF 在交易第二周面临资金流出大幅下降，较首周有所缓解。

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，该产品录得 3.413 亿美元的净流出，这完全是由灰度出血的 ETHE 和 Mini Trust (ETH) 产品推动的。

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.

具体而言，ETHE 在交易第一周就带动了 15 亿美元的资金流出。然而，根据 Coinbase 分析师的说法，第二周的流出量有所下降，这表明 ETHE 的流出量可能正在“逐渐减少”。

“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.”

“请注意，ETHE 的流出量每天都在下降，这强化了我们的信念，即与今年早些时候我们在灰度比特币信托 (GBTC) 上看到的情况相比，这些流出量已经提前了。”

Source: Coinbase

来源：Coinbase

Will tapering Grayscale outflows help ETH’s price?

灰度资金流出的减少会帮助 ETH 价格上涨吗？

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).

客观来看，灰度第一周的总流出量为 19.4 亿美元，其中 15 亿美元来自 ETHE，4.48 亿美元来自 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.

第二周，ETHE 流出 6.03 亿美元，而 ETH 则流出 1.755 亿美元。这使得第二周的资金外流降至 8 亿美元以下，表明投资者大规模撤离灰度的速度有所放缓。

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

Coinbase 分析师预计，灰度 ETF 的流出量将在第二周有所缓解，并将其模式与 GBTC 进行比较。

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.

虽然这一预测目前似乎正在发挥作用，但由于美国和亚洲市场投资者情绪谨慎，以太坊的价格基本保持平静。

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.

据 Farside Investors 称，不包括 ETHE，现货 ETH ETF 的资金流入已超过 15 亿美元。然而，由于市场普遍悲观情绪，山寨币的价格跌破 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.

截至发稿时，ETH 似乎正在重新测试图表上的 3,000 美元水平，这是 2024 年第五次成为关键需求区域。这扭转了 7 月份的所有涨幅。

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

灰度资金流出的减少是否将为需求水平的反弹铺平道路，还有待观察。

Source: ETH/USDT, TradingView

来源：ETH/USDT，TradingView