Farside Investors posted on the X platform that the net outflow of ETHE is higher than that of GBTC. One factor may be that GBTC was launched earlier than ETHE (2013 vs2017). Therefore, a higher proportion of GBTC holders may hold large unrealized capital gains and are therefore more reluctant to sell. Another factor is that ETHE holders may want to pledge their tokens. In addition, ETHE's fees amount to 2.5%, while GBTC is reduced to at least 1.5%.