Ether Drops Over 7.5% as ETH Outflows Increase

Ether (ETH) is down over 7.5% in early trading and is trading just above $3,100 as the market remains concerned about outflows recorded by Grayscale’s converted Ethereum Trust ETF (ETHE).

Market data from SoSoValue shows that ETHE saw net outflows of over $810 million, which is similar to the period when Grayscale’s other major crypto trust, GBTC, experienced heavy outflows in the first weeks of trading for its bitcoin ETFs earlier this year.

Most other ETH ETFs remained in the green with inflows. BlackRock’s ETHA led the way with $283.9 million in inflows, followed by Bitwise’s ETHW with $233.6 million and Fidelity’s FETH with $145.7 million.

ETH is up 6% in the past month and 72% in the past year.

According to data from the CoinDesk 20 Index (CD20), which tracks the largest digital assets in the market, ether has performed quite well since the beginning of the year. The cryptocurrency has gained 35% during the period, with the CD20 up 21.6%.

ETH continues to trade in tandem with Nvidia (NVDA), which is down over 6% today. Crypto prices have been correlated with the chipmaker’s stock for much of the year.