Ethereum spot exchange-traded funds (ETFs) in the United States recorded net outflows for the 17th consecutive trading day. According to data from SoSoValue, total net outflows reached $52.936 million on June 3, extending a streak that has drawn the attention of investors tracking institutional sentiment toward the second-largest cryptocurrency.
BlackRock and Fidelity Lead Outflows
BlackRock's iShares Ethereum Trust (ticker: ETHA) posted the largest single-day outflow among all Ethereum spot ETFs, with investors pulling $51.5817 million from the fund. Despite this, ETHA has accumulated a total net inflow of $11.304 billion since its launch, making it the dominant product in terms of capital attracted.
Fidelity's Fidelity Ethereum Fund (FETH) saw a more modest outflow of $1.3542 million, but its historical net inflow stands at $2.126 billion. Together, these two ETFs accounted for nearly all of the day's total outflows.
Robust Asset Base Remains Intact
As of the latest data, total net assets across Ethereum spot ETFs stood at $9.959 billion, with the ETF net asset ratio—the market capitalization of ETFs relative to Ethereum's total market cap—at 4.63%. Historical cumulative net inflows have reached $11.187 billion, indicating that despite recent redemptions, the overall capital base has remained stable, with total net assets still hovering near the $10 billion mark.
When compared to the historical cumulative net inflow of $11.187 billion, the cumulative outflows over the past 17 days appear limited. Both ETHA and FETH boast cumulative inflows exceeding $1 billion each, and the current net asset value of $9.959 billion, along with a 4.63% net asset ratio, suggests that the recent outflow has not yet materially impacted the ETFs' asset foundation.