The Grayscale Ethereum Trust (ETHE) saw $484.1 million in net outflows — the only one logging outflows among the funds.
ETHE was launched by Grayscale in 2017 and allowed institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments. The conversion to a spot ETF allows investors to easily sell their shares, which could explain the high day-one outflows.
Additional data from SoSo Value reveals that these spot Ethereum ETFs have already amassed over $10 billion in assets under management.
Meanwhile, US-based spot bitcoin ETFs saw $77.97 million in outflows on Tuesday, ending a 12-day streak of positive flows.
Ethereum price analysis
At the time of writing, ETH is changing hands for $3,451 at the time of publication and was fighting resistance from the middle boundary of the ascending channel at $3,500. Continued selling from this level will see the price drop lower to seek solace from the channel’s lower boundary at $3,420.
Losing this support would mean that the launch of spot Ethereum ETFs has turned into a “sell-the-news” event with the next line of support emerging from the 50-day and the 100-day exponential moving averages (EMAs) at $3,373 and $3,340 respectively.
