New Grayscale Ethereum ETF Finds Stability As Ethereum’s Usage Booms

Its product, the Grayscale Ethereum Trust (ETHE) has made history by recording the first day without outflows stopping a streak that had its starting point at the time it was established. This development occurs at the same time as a sharp rise in the on-chain activity within the Ethereum and its Layer-2 solutions.

On 12 th August, the exchange-traded fund (ETF) for Ether (ETH) posted inflows for the fifth time in just a week after the product’s launch on 23 rd July. This change was supported by finally having the first day with no outflows in ETHE, based on the Farside numbers.

Still, ETHE has recorded almost $2. 3 billion in ETH outflows since its inception – the reverse of what one might expect. Starting with 9 billion of Ether, the fund has lost more than a quarter of total value in slightly more than two weeks.

To this end, the Grayscale Bitcoin Trust (GBTC), for example, took almost four months to record a single day without outflows. The stabilization of ETHE occurs simultaneously with significant activity on the Ethereum network, especially on DEXs and Layer-2 networks.

At the same time, the trading volume of Solana-based DEXs slightly declined by 10% in the last 24 hours, while Ethereum-based sites grew circulating amounts traded, with Ethereum and Base, growing by 12%and 11%, respectively, according to Data from DeFiLlama.

New activity on Ethereum Layer-2 networks has also augmented – a record volume of new monthly addresses has been generated in the Ethereum-based Decentralized Exchange UniSwap.

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