Asset management firm Grayscale Investments recorded over $20.4 billion in outflows from its spot Bitcoin and Ether exchange-traded funds (ETFs) combined.

The Grayscale Bitcoin ( BTC ) Trust ETF (GBTC) has lost an average of approximately 137.7 million daily in almost seven months since its launch on Jan. 11. As of July 29, GBTC recorded a total outflow of $18.86 billion.

In contrast, all other nine Bitcoin ETFs that were simultaneously approved in the United States maintain a positive balance, as shown below.

Grayscale sheds $20B from Bitcoin and Ether ETFs image 0 Bitcoin ETF inflow and outflow of investments in the United States. Source: Farside Investors

Out of the lot, BlackRock’s iShares Bitcoin Trust (IBIT) tops the leaderboard with the highest investment, currently holding $19.93 billion worth of investments. Other prominent holders include Fidelity Wise Origin Bitcoin Fund (FBTC) at $9.9 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB) at $2.6 billion and Bitwise Bitcoin ETF (BITB) at $2.09 billion.

Check out Cointelegraph’s guide to learn more about how cryptocurrency ETFs work .

The newly launched Grayscale Ethereum Trust (ETHE) showcased a performance comparable to GBTC in terms of investment outflows.

Grayscale sheds $20B from Bitcoin and Ether ETFs image 1 Ethereum ETF inflow and outflow of investments in the United States. Source: Farside Investors

The Ether ( ETH ) fund lost $1.72 billion in five days, bringing up Grayscale’s total crypto ETF outflows to $20.58 billion. In the process, Grayscale shed 18.7% of its initial seed funds of nearly $9.2 billion.

Related: SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca

On July 30, Steno Research senior analyst Mads Eberhardt claimed that massive outflows from the Grayscale’s ETHE should subside by Aug. 2. However, Eberhardt sees the strong early outflows as a reason for bullishness in the short term.

Grayscale sheds $20B from Bitcoin and Ether ETFs image 2 Source: Mads Eberhardt

“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 AUM [assets under management], we believe that peak outflow will occur sometime this week.”

Pseudonymous trader Evanss6 echoed Eberhardt’s view by comparing the launch of spot BTC and ETH ETFs side-by-side.

Grayscale sheds $20B from Bitcoin and Ether ETFs image 3 Source: Evanss6

According to Evan, the outflows from Bitcoin ETFs bottomed on the seventh trading day, and the bottom occurred when cumulative GBTC outflows reached 13.2% of the original fund, adding that Bitcoin proceeded to “rip [approximately] 92% in 50 days” following the bottoming of GBTC outflows.

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