TLDR
Over the past week, US spot Ethereum ETFs with net outflows included BlackRocks Ethereum ETF (ETHA) and Grayscales ETHE.
- BlackRock ETHA saw about $22.12 million in single?day outflows on 26 Dec per a market recap that cited SoSoValue data BlackRock ETHA outflow.
- Grayscale ETHE recorded roughly $16.58 million in outflows in a late?December session, with most other ETH ETFs flat that day Grayscale ETHE outflow.
- Across US ETH ETFs, net flows remained negative on several days (for example, $52.8 million in a 24?hour window) ETH ETF net outflows.
Deep Dive
1. Named Fund Outflows
The clearest single?day prints point to ETHA and ETHE. Reports aggregated from flow trackers show BlackRock ETHA with about $22.12 million in net outflows on 26 Dec, while Grayscale ETHE saw around $16.58 million leave in a separate late?December session BlackRock ETHA outflow, Grayscale ETHE outflow.
When the largest ETH ETFs print outflows on the same week, it usually reflects broader institutional de?risking rather than an idiosyncratic fund issue.
2. Trend Still Skewed Negative
Beyond one?off days, the 30?day moving average of US spot ETH ETF flows has remained negative through November and December, signaling persistent net redemptions despite occasional green days Negative ETH flow trend. A separate recap noted US?based ETH ETFs posted another $52.8 million net outflow in a 24?hour window, reinforcing the broader downtrend ETH ETF net outflows.
A sustained shift back to positive weekly flows would be a cleaner signal that institutional demand is returning.
3. Likely Drivers
Commentary around year?end positioning highlights de?risking, tax?related flows, and thin holiday liquidity as key pressures on crypto ETFs in late December, with broader crypto ETF outflows noted across the period Year?end de?risking context. Additional coverage pointed to ETH ETF outflows accumulating through mid?to?late December, led on some days by ETHA, while most other products were flat or modest ETH outflows late December.
Drivers look macro and seasonal. Watch for flows to stabilize after holiday effects fade and as new catalysts emerge.
Conclusion
In the last week, the main ETH ETFs showing clear outflows were BlackRocks ETHA and Grayscales ETHE, aligning with a broader negative flow trend across ETH products. If flows turn positive for multiple sessions, it would signal improving institutional appetite and likely ease pressure on ETH liquidity and price.
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