The launch of spot Ethereum ETFs has yet to live up to the market’s initial optimism, as reflected in their performance over the past few weeks.
The Ethereum ETFs’ total on-chain holdings currently stand at approximately 2.81 million ETH, valued at around $7.33 billion, which accounts for about 2.3% of Ethereum’s total supply.
Despite these significant holdings, the net flows since launch have been negative, with a total outflow of 136,700 ETH.
Graph showing spot Ethereum ETF flows from July 24 to Aug. 19, 2024 (Source: Dune Analytics)
The outflows are primarily attributable to Grayscale’s ETHE, which recorded a withdrawal of $487.88 million on the first trading day alone. Other Ethereum ETFs have seen consistent inflows, but these have not been sufficient to offset the drag from ETHE.
Graph showing Grayscale’s ETHE and ETH holdings from July 24 to Aug. 19, 2024 (Source: Dune Analytics)
The market’s reaction to these outflows has been reflected in Ethereum’s price, which
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