According to Farside data, with the latest outflow, the fund’s losses reached a total of $1.1 billion in the last three trading days. This outflow occurred after the fund’s recent transformation.

Since its conversion, assets under management of Grayscale’s Ethereum ETF (ETHER) have fallen sharply from $9 billion to $7.4 billion. This massive drop coincides with the launch of spot Ethereum ETFs in the US.

On the other hand, BlackRock’s iShares Ethereum Trust (ETHA) ranked first with a net inflow of $71 million with new investments on the same day. Following closely behind, Grayscale’s new spinoff, Ethereum Mini Trust (ETH), generated net inflows of more than $58 million.

Fidelity Ethereum Fund (FETH) and Bitwise’s Ethereum ETF (ETHW) also reported notable net inflows of $34.32 million and $16.34 million, respectively.

VanEck’s Ethereum ETF (ETHV) and Invesco/Galaxy Ethereum ETF (QETH) saw smaller net inflows of $8 million and $6.2 million, respectively, while some funds recorded no new inflows at all.

Despite gains in these eight Ethereum ETFs, total net outflows reached $152.4 million on July 24. This was recorded as the highest value since their market debut on July 23 and was largely triggered by large withdrawals from ETHER.

Launched in 2017, ETHER allowed institutional investors to buy and hold Ethereum but limited these transactions to a six-month lock-up period. Since its conversion to a spot Ether fund on July 22, investors have been able to sell their assets more freely.

Since the 2.5% management fee for ETHER was relatively high, investors switched to new funds with lower fees. This situation is similar to Grayscale’s Bitcoin ETF (GBTC), which experienced an outflow of more than $5 billion in its first month after the conversion.

However, the newly converted Ethereum Mini Trust could be a turnaround for Grayscale, with its low fee of 0.15% making this fund one of the most cost-effective spot Ethereum funds in the US. The fund has seen growing net inflows since becoming an ETF.

Amid these market movements, speculation began to circulate that a wallet associated with the Ethereum Foundation on X had transferred 92,000 ETH, worth approximately $289 million. This brought with it the expectation of a possible decline in the price of Ethereum.

At the time of writing, Ethereum, the largest alternative coin, was trading at $3,252, up 2.5% from the previous day.