The newly launched spot Ether ETFs posted positive net inflows despite being weighed down by $485 million bleeding from Grayscale’s Ethereum Trust.

United States Ether exchange-traded funds (ETFs) posted net inflows of $106.6 million on their first day of trading despite massive outflows from Grayscale’s freshly-converted Ethereum Trust.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led the pack with $266.5 million of inflows, followed closely by the Bitwise Ethereum ETF (ETHW) with $204 million in net inflows.

The Fidelity Ethereum Fund ETF (FETH) came in third with $71.3 million.

*The Ethereum ETFs notched $106.6 million worth of net inflows on day one. Source: FarSide*

The inflows to the “newborn” spot Ether

ETH

$3,451

ETFs were enough to overcome bleeding from the Grayscale Ethereum Trust (ETHE), which saw outflows of $484.9 million on the day, amounting to 5% of the once $9 billion fund.

ETHE was launched by Grayscale in 2017, allowing institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments.

Its conversion to a spot ETF means that investors can more easily sell their shares, which could explain the high day-one outflows.

In January, spot Bitcoin

BTC

$66,152

ETFs were marred by a similar dynamic with the Grayscale Bitcoin Trust, which saw over $17.5 billion in outflows following the launch of the 11 spot BTC ETFs.

Related: Traders say Ethereum ‘undervalued,’ expect spot ETH ETF to fuel new highs

Meanwhile, Grayscale’s Ethereum Mini Trust — a spinoff product launched by the asset manager with lower fees — generated $15.2 million in new inflows.

Franklin Templeton’s Franklin Ethereum ETF (EZET) netted $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.

Overall, spot ETH ETFs generated $1.08 billion in cumulative trading volume on their first day of trading, 23% of the volume that Bitcoin ETFs saw on their debut.

The price of ETH tumbled slightly on the day.

ETH is changing hands for $3,451 at the time of publication, down 1.4% in the last 24 hours and 1.5% in the last seven days, according to TradingView data.