Analysis: Based on the current net outflow rate, Grayscale ETHE assets may be depleted within a few weeks.

On July 26, according to The Block, Grayscale's ETHE Ethereum ETF experienced a significant net outflow of up to 1.20 billion USD in the early stages of trading, becoming a net seller in the market, leading to a more than 10% drop in the Ethereum price. Analysts point out that the lack of buying pressure from other ETFs is the main reason for Ethereum's poor performance. If the current net outflow continues, ETHE's assets may be depleted in a few weeks, exerting sustained selling pressure on the Ethereum price. Rachel Lin, CEO and Co-Founder of derivative DEX SynFutures, stated that the launch of the Ethereum ETF has turned into a classic "sell the news" event, causing Ethereum to retract more than 10% from recent highs. Although Bitcoin ETFs have also experienced similar situations, the lack of buying pressure from other ETFs to offset Grayscale's selling is the main reason for Ethereum's poor performance. Lin pointed out that analyzing Grayscale's Bitcoin ETF sales model can predict what may happen next; GBTC lost 50% of its Bitcoin assets in the first few months of trading. Currently, ETHE has lost or reallocated over 17% of its assets, and at the current net outflow rate, this level will be reached soon, indicating that Ethereum may face greater downside potential.