On July 26th, market watchers noticed that the current holdings of Grayscale ETHE remained at a level of 2.28 million ETH. However, it is noteworthy that over the past three days, this fund has lost more than 13% of its assets. This outflow rate is significantly higher than the approximately 4% outflow rate seen during the same period when GBTC began trading in January. To be specific, during the two weeks following GBTC's opening trading, about 25,000 bitcoins flowed out of its holdings, accounting for around 4% of its total holdings. In contrast, the outflow amount of Grayscale ETHE this time is equivalent to three times the outflow rate of its total holdings. This phenomenon has sparked market attention and discussion regarding the liquidity of Grayscale products.