Investment firm VanEck announced Friday that it will close and liquidate its Ethereum futures ETF (EFUT), a decision that comes against a backdrop of significant outflows from spot Ethereum ETFs just weeks after they began trading in the United States.

This move reflects broader challenges facing the Ethereum ETF market, which has collectively seen a cumulative net outflow of $562.3 million, according to data from SoSo Value. There’s been only one day of positive flows since September 15, with one day without flows and the rest showing outflows.

The VanEck Ethereum Strategy ETF, trading under the ticker ETHV on the CBOE, will cease trading on September 16, the company announced.

Shareholders who retain their shares until the liquidation date, expected to be around September 23, will receive a cash distribution equal to the net asset value of their holdings.

Data from SoSoValue revealed that as of September 5, the total net assets of Ethereum-based ETFs in the U.S. market stood at $6.49 billion, representing 2.28% of Ethereum’s market cap.

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Author: Murtuza Merchant

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