Days after its Ethereum ETF began trading, Bitwise Asset Management unveiled a banner promoting its ETH fund on the New York Stock Exchange.

The banner, which reads "ETHW, Bitwise Ethereum ETF," signals the company's push to promote its spot ETH exchange-traded fund (ETF) product.

"Bitwise Ethereum ETF banner going up outside the iconic facade at the New York Stock Exchange this evening," Teddy Fusaro, President at Bitwise Invest, wrote on Twitter as he shared a video of the banner being unfurled.

This high-profile marketing effort comes at a time of significant outflows in the Ethereum ETF market, but not for Bitwise’s fund.

ETH ETF data shows a complex picture of investor sentiment and fund flows.

On July 25, the total net outflow from Ethereum spot ETFs reached $152 million. But it was the Grayscale Ethereum Trust (ETHE) that experienced the largest outflow, with $346 million leaving the fund.

This could be a sign that investors are balking at the fund’s 2.5% fee, which is 10 times that of the next highest fees among its competitors. In the months since the firm’s Grayscale Bitcoin Trust (GBTC) began trading as a spot Bitcoin ETF in January, the fund has seen more than $15 billion worth of outflows.

The rush for the exits on the ETH fund brings ETHE's historical net outflow to a substantial $1.2 billion, suggesting ongoing challenges for one of the market's largest players. However, it's not all bad news for Grayscale.

The firm's Grayscale Ethereum Mini Trust ETF (ETH) bucked the trend with an inflow of $58 million. The mini trust sits at the opposite end of the spectrum with a 0.15% fee—the lowest among the nine spot Ethereum ETFs that are now trading in the states.

On Thursday, BlackRock's iShares Ethereum Trust (ETHA) attracted $71 million in new investments, demonstrating that investor interest remains strong for certain ETH-based products.

Edited by Stacy Elliott.