The U.S. spot Ethereum exchange-traded funds have gotten off to a contrasting start this week, with net inflows into some ETFs currently overwhelmed by net outflows from Grayscale’s converted fund, ETHE.

Nine new spot Ethereum ETFs from eight issuers launched on Tuesday after initially gaining approval from the Securities and Exchange Commission in May. In the first few days of trading, BlackRock's ETHA has led the pack, generating $354.8 million worth of net inflows, followed by Bitwise’s ETHW with $249.9 million and Fidelity’s FETH with $180.1 million. 

In fact, almost all of the ETFs have generated inflows, with the exception of Grayscale’s ETHE, witnessing $1.16 billion worth of net outflows in the last three days alone. 

The Grayscale Ethereum Trust first launched as a …