Investors have expressed concern over the declining Ethereum price in recent weeks. Despite the introduction of spot ETH ETFs in the US, there has been no relief in sight for the token.

Interestingly, the poor performance of the ETH ETFs may be contributing to Ethereum’s recent struggles. Grayscale’s Ethereum Trust (ETHE) has experienced substantial capital outflows.

Grayscale Ethereum Trust Sees $2.1 Billion Outflows

After the first full week of trading, US spot Ethereum ETFs witnessed significant fund outflows. Data from SoSoValue indicates that over $169.35 million left the ETH exchange-traded funds in the past week.

This outflow is over 50% lower than the debut week’s $341 million. The Grayscale Ethereum Trust took the biggest hit with over $2.1 billion withdrawn in the past two weeks, including a $1.5 billion outflow on launch week.

Last Friday, ETHE experienced a $61.43 million outflow, bringing its total net asset value to under $6 billion. ETHE holders are redeeming their shares after years of being unable to do so, impacting the Ethereum price negatively, similar to Bitcoin’s case.

Ethereum Price Performance

Currently, Ethereum’s price hovers around $2,907, showing a 2.2% decrease in the last 24 hours. Over the past week, the cryptocurrency has dropped over 10% as per CoinGecko data.

In the last month, Ethereum’s price has fallen by nearly 8%, yet it retains its position as the second-largest cryptocurrency with a market cap exceeding $347 billion.

Ethereum price on the daily timeframe | Source: ETHUSDT chart on TradingView