Grayscale's mini ETH ETF accumulated $103.3 million worth of ETH over the past 20 days, while its older ETHE fund saw $71.6 million in outflows. According to ChainCatcher, market participants broadly view the move as an internal rotation of capital from ETHE into the mini fund.

Combined across both products, Grayscale clients were net buyers of about $31.7 million in ETH during the period.