Grayscale Investments, an asset manager, has seen outflows of more than $20.40 billion from its spot bitcoin and ethereum ETFs. Since its launch on January 11, grey release's spot bitcoin ETF "GBTC" has lost an average of about $137.70 million a day for nearly seven months. As of July 29, GBTC outflows totaled $18.86 billion. In contrast, nine other Bitcoin ETFs approved in the US at the same time all maintained positive balances. The newly launched grey release Ethereum Trust (ETHE) showed comparable performance to GBTC in terms of outflows. Grey release's Ethereum ETF lost $1.72 billion in five days, bringing grey release's total cryptocurrency ETF outflows to $20.58 billion. In the process, grey release lost 18.7% of its initial seed fund of nearly $9.20 billion.