Kaiko: Grayscale ETHE may have an average daily outflow of $110 million in the first month after its launch as a spot ETF

On January 11, Grayscale GBTC transitioned from a closed-end fund to an ETF, and at launch, 23% of its assets under management flowed out in the first month, totaling $6.5 billion, Kaiko analysts wrote in a May 27 report. Grayscale ETHE has $11 billion in assets under management. According to Kaiko, if its "outflows are similar to GBTC," "it would be equivalent to an average daily outflow of $110 million, or 30% of the average daily trading volume of ETH on Coinbase." Over the past three months, ETHE's negative premium to its net assets (NAV) has narrowed significantly in recent days, as high as 26%. Kaiko researchers noted that once it becomes a spot ETF, it is "reasonable to expect" outflows or redemptions as the discount narrows. (Cointelegraph)