The new crop of spot Ethereum (ETH) exchange-traded funds (ETFs) saw negative net outflows in their first week of $340 million U.S.
However, the outflows were largely due to the Grayscale Ethereum Trust’s (ETHE) conversion to a spot ETF.
In all, the spot Ethereum ETFs experienced $340 million U.S. in net outflows as more than $1.50 billion U.S. left the Grayscale Trust as part of its conversion process.
A similar situation occurred with spot Bitcoin (BTC) ETFs that debuted at the end of January this year as a Grayscale Bitcoin Trust also underwent a conversion to an ETF.
At the same time, however, Ethereum’s price fell 5% last week amid a broad downturn in cryptocurrencies and stocks.
Setting aside the Grayscale Trust, the newly listed Ethereum ETFs attracted $1.15 billion U.S. of investor capital during their first week of trading.
Analysts note that Bitcoin’s price fell 15% to below $39,000 U.S. during the first two weeks that those spot ETFs traded.
Bitcoin’s price quickly rebounded though and hit a new all-time high in March of this year.
The price of Ethereum is currently at $3,350 U.S., having gained 43% on the year.
