Other spot ETH ETF managers are tracing Grayscale's ETF.

Once spot ETH(Ethereum) ETFs started trading at July 26th, Grayscale's ETHE was holding around 2.61m ETH. As time goes by, their ETH holdings have been decreasing due to 2.5% management fees.

On the other hand, other ETF managers provide much cheaper expense ratios less than 0.25%. So, I think investors are moving their investment from Grayscale's ETF to other ETFs.

But, ETH holdings of ETHA by BlackRock, and FETH by Fidelity are still less than Grayscale's ETFs. Nevertheless, I expect 2 months later, maybe this December, either BlackRock's EHTA or Fidelity's FETH will surpass Grayscale's ETFs. I assume that it will be a turning point for the next 3rd altseason