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Spot Ether exchange-traded funds (ETFs) listed in the United States have yet to see significant inflows in total since their July 23 debut as the funds continue to be dampened by assets coming out of Grayscale’s Ethereum Trust.

Investors funneled $58.17 million into BlackRock’s iShares Ethereum Trust (ETHA), which had the most inflows on July 29, data from SoSoValue shows. The Fidelity Ethereum Fund (FETH) trails behind ETHA, with $24.82 million inflows, followed by VanEck’s ETHV ($10.91 million) and Bitwise’s ETHW ($10.45 million).

The Grayscale Ethereum Mini Trust and Franklin Ethereum ETF also recorded inflows on the day, amounting to $4.9 million and $2.52 million, respectively.

However, Grayscale’s other Ether fund, its recently converted ETHE, posted yet another day of outflows at $210.04 million, offsetting the day’s inflows across all nine US-listed ETFs. This negative flow brings its total net outflows to a staggering $1.72 billion.

Since their debut last week, the Ether funds have logged a cumulative net outflow of $439.64 million, with trading volume reaching $773.01 million as of July 29.

Total net assets stand at $9.24 billion, representing 2.31% of Ether’s market capitalization.

Amid the outflow trend, particularly from Grayscale’s Ether fund, analysts argue that negative flows may subside this week.

“The Ethereum ETF net outflow is yet to subside, but it is likely that it will happen this week,” Steno Research senior analyst Mads Eberhardt wrote on X. “When it does, it's up only from there.”

The analyst also sees the strong early outflows as a reason to be bullish in the short term.

“The Grayscale Bitcoin ETF outflow subsided significantly following the eleventh trading session,” he said. “Since the Grayscale Ethereum ETF has experienced a much higher outflow relative to [assets under management], we believe that peak outflow will occur sometime this week.”

Pseudonymous trader Evanss6, agreeing with Eberhardt, compared the launch of spot Bitcoin and Ether ETFs.

The trader noted that outflows from Bitcoin ETFs reached their lowest point on the seventh trading day, coinciding with cumulative GBTC outflows reaching 13.2% of the original fund. Following this, Bitcoin’s price surged by approximately 92% within 50 days.

Read more: Grayscale Ethereum Trust ETF taps $1.5B in total net outflows