Ethereum Spot ETF Experiences Large Outflows but Market Share Expands, Signaling Changes in Institutional Investor Trends

A spot ETF is an investment product that directly holds cryptocurrencies and tracks their value. The Ethereum spot ETF applies this mechanism to Ethereum, allowing investors to invest in Ethereum through listed investment trusts without directly managing the cryptocurrency.

**Anomaly in Last Week’s Fund Flows**

According to SoSoValue data, during the week of December 15 to 19, a total of $644 million flowed out of the Ethereum spot ETF market. Notably, all nine ETFs recorded outflows, with no net inflow in any single product. This suggests that market participants are reconsidering their strategies.

**Significant Increase in Major Funds**

The main outflow was from BlackRock’s ETHA, which saw $558 million withdrawn weekly. Interestingly, ETHA has recorded nearly $12.7 billion in cumulative inflows since its launch, maintaining its position as the most supported Ethereum spot ETF in the market.

Following that, $32.36 million was outflowed from Grayscale’s ETHE, which has experienced over $5 billion in total outflows historically.

**Overall Market Growth Trend Continues**

The total assets under management (AUM) of the Ethereum spot ETF market have reached $18.21 billion, with its share of Ethereum’s total market capitalization expanding to 5.04%. The historical cumulative inflow has reached $12.44 billion, clearly indicating that institutional investors are steadily increasing their market presence.

Aside from short-term outflows, the Ethereum investment framework via spot ETFs is moving toward maturity, reflecting a phase of gradual market adjustment.