## Ethereum ETF experiences 3 consecutive days of capital withdrawal, with a total loss of $93.8 million on 9/1

The spot Ethereum ETF market continues to face strong selling pressure. On 9/1 (ET) recorded an outflow of $93.8151 million, marking the third consecutive day investors have withdrawn funds from Ethereum spot ETF products. This figure indicates a shift in market sentiment, with significant declines concentrated in major funds like BlackRock and Grayscale.

### Outflows concentrated in leading funds

Leading the withdrawal list is BlackRock ETHA with $83.7783 million on the session, roughly equivalent to $8 million per hour on average. Following is Grayscale ETHE, which recorded $10.0368 million in net outflows on the same day. This discrepancy reflects a capital flow trend shifting unevenly among competing products within this segment.

### The size of Ethereum ETFs remains at a notable ratio

Despite continuous outflows, the total net asset value (NAV) of the entire Ethereum spot ETF market still stands at $18.699 billion. However, compared to the total market capitalization of Ethereum, the NAV/cap ratio reaches 5.04%, indicating that ETFs account for only a small part of the broader Ethereum ecosystem. From a long-term perspective, since launch, these ETFs have accumulated net inflows of $12.434 billion, reflecting the long-term appeal of this product.

### Grayscale hits a historic net withdrawal level of $5.141 billion

Specifically, Grayscale's ETHE product has seen cumulative withdrawals totaling $5.141 billion. This shows ongoing pressure for capital shifting from Grayscale to competing ETF products. Meanwhile, BlackRock ETHA, despite facing selling pressure during the day, maintains a cumulative inflow of $12.718 billion, a figure that demonstrates the long-term attractiveness of this product compared to daily volatility.