Yesterday (September 4, EST), the Ethereum spot ETF experienced significant net outflows, totaling $37.5078 million. This data indicates that investors have increased demand for Ethereum’s liquidity or are cautious about its future performance. In particular, the performance of Grayscale Ethereum Trust ETF ETHE is eye-catching, with a single-day net outflow of up to US$40.6275 million, and the cumulative historical net outflow has reached US$2.654 billion. This continued net outflow may reflect declining market confidence in Grayscale Ethereum Trust, or a change in investor preference for other Ethereum investment vehicles.

In contrast, the Grayscale Ethereum Mini Trust ETF ETH achieved a single-day net inflow of $3.1197 million yesterday. Although this inflow is much smaller compared to the mainstream trust ETF ETHE, the total historical net inflow of the Grayscale Ethereum Mini Trust has reached $242 million. This shows that despite the uncertainty in the market, some investors are still bullish on Ethereum and choose to invest through mini trusts.

As of press time, the total net asset value of the Ethereum spot ETF is $6.728 billion, and the ETF net asset ratio (i.e., the ratio of the market value of the Ethereum spot ETF to the total market value of Ethereum) reaches 2.28%. Despite the larger size of the spot ETF, its historical cumulative net outflows have reached $562 million. This phenomenon may signal changes in market demand for Ethereum spot ETFs, as well as investor uncertainty about its future performance.

Overall, the capital flows of Ethereum investment vehicles reflect the market’s mixed sentiment towards Ethereum and its related investment products. Investor outflows and inflows are not only affected by market sentiment and macroeconomic factors, but may also be driven by multiple factors such as technological development, regulatory policies, and market competition. These dynamics will undoubtedly continue to impact the market performance of Ethereum and its investment products.