On July 29, investors withdrew $98.3 million from spot Ethereum ETFs. The previous day’s figure was $162.7 million, according to SoSoValue.
Net outflows since the approval of these products have risen to $439.6 million.
The reason lies in clients reducing their positions in Grayscale’s ETHE. On July 29, investors pulled $210 million from the instrument, bringing the total to $1.72 billion.
ETHE clients are reacting to the 2.5% fee, which is higher than competitors’ rates of 0.19-0.25%. Grayscale also launched the Mini Trust Ethereum ETF (ETH), with fees equivalent to 0.15%. Part of the $1.72 billion withdrawn from ETHE may have flowed into ETH ($169 million).
The leaders in this regard are BlackRock’s ETHA ($500 million), Bitwise’s ETHW ($276.4 million), and Fidelity’s FETH ($244.2 million).
For other products, the cumulative inflow ranged from $7.5 million (21 Shares’ CETH) to $46.4 million (VanEck’s ETHV).
BTC-ETF
Spot Bitcoin ETFs continued to see positive inflows. Net inflows increased from $51.7 million to $124.1 million.
Investors contributed $205.6 million to BlackRock’s IBIT, surpassing the withdrawals of $54.4 million from Grayscale’s GBTC, $21.3 million from Bitwise’s BITB, and $5.9 million from Fidelity’s FBTC. Other instruments recorded no changes.
Cumulative inflows since the approval of BTC-ETFs in January have reached $17.71 billion.
Earlier, BlackRock expressed doubts about expanding the list of SEC-registered exchange-traded funds based on altcoins.
On July 8, Cboe BZX filed a 19b-4 form for the 21Shares Core Solana ETF and VanEck Solana Trust. According to the rules, the agency has 240 days to decide whether to approve the rule changes necessary for listing VanEck and 21Shares products on the platform.