Ether price falls nearly 4% as Ethereum ETF one-time outflows hit $77M

The nine Ethereum spot ETFs in the US posted a net outflow of $77.21 million on Wednesday, reversing the previous day’s positive trend.

The exits come amid Ether’s price below $3,200.

Spot Ether ETF Exit Continues

The Grayscale Ethereum Trust (ETHE) recorded $133.33 million in net outflows on July 31, according to data from SosoValue. Since becoming an ETF, ETHE has lost almost $2 billion in outflows so far.

On the other hand, the Grayscale Ethereum Mini Trust (ETH) continued to maintain an inflow streak for seven consecutive days. It attracted $19.5 million on its closing day in July, bringing its total net receipts to over $200 million.

Fidelity’s FETH followed suit with $18.8 million in inflows, while BlackRock’s ETHA and VanEck’s ETHV saw inflows of $4.98 million and $4.81 million, respectively. Bitwise’s ETHW saw $4.71 million in inflows and 21Shares’ CETH saw $3.38 million in inflows during the same period.

Meanwhile, Franklin Templeton’s EZET and Invesco’s QETH saw no flow for the day.

The latest outflows come just a day after local Ethereum ETFs posted net inflows for the second time in their existence. However, the $33.7 million inflows failed to significantly boost Ether prices, which, according to QCP Capital, have underperformed Bitcoin over the past month.

Institutional interest

At the time of writing, Ether was trading near $3,188, up 4% from the last day. For the price to gain strength, the leading altcoin needs greater institutional interest. However, experts have yet to see this trend. In fact, MV Capital partner Tom Dunleavy believes that August will likely continue to be a month of net outflows for spot Ethereum ETFs.

“We will likely continue to see net ETH ETF outflows for August. GBTC is about 20% of BTC ETF $amt. If ETHE follows the same path as $2M in AUM, from $7M $1 billion per week in ETH outflows, we should establish a new steady state for ETH by the end of August.

Last month, Binance CEO Richard Teng also echoed a similar sentiment when he said that a steady deployment of capital into these ETFs is anticipated. In a statement to CryptoPotato, Teng, however, added that the funds are unlikely to be dramatic initially and will instead depend on various macroeconomic factors.

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