GBTC has gained most of the attention recently, which is natural for several reasons. Firstly, in light of Grayscale’s ongoing lawsuit with the SEC related to ETFs with the Final Brief deadline of February 3, before a ruling will occur. Second, due to the publicly known sizable hole left by the 3AC liquidation this summer. Third, due to the vast size of GBTC’s AUM (in USD) compared to the other trusts. Still, other trusts, such as ETHE, experienced similar inflow dynamics to GBTC in 2020-2021, likely also exaggerated by leverage. Since June 1, 2020, Grayscale’s Ethereum Trusts’ cumulative returns sits at -69% versus ETH’s 379%.