Yesterday, the outflow from Ethereum spot ETFs was quite significant, with a total net outflow of around $82.8 million. I saw from the circulating data that Fidelity FETH was leading with a daily outflow of $67.5 million—this is indeed quite large. Grayscale Ethereum Mini Trust also exited around $6 million.

What's interesting is that the total assets of Ethereum spot ETFs still stand at $11.2 billion with a penetration ratio of about 4.7% of the total ETH market cap. So even though there was an outflow yesterday, the spot ETF position remains solid. If hypothetically, there continues to be outflow pressure like this, it could be an indication that investors are starting to take profits or shift to other instruments.

But I think this is normal in the market cycle—there are inflows, there are outflows. The important thing is to monitor the long-term momentum. If the outflow trend continues for several weeks, then more serious attention is needed.