Ethereum spot ETFs have recently made some noise. According to data, on December 23, 2025, Eastern Time, Ethereum spot ETFs experienced a collective net outflow — with a single-day net outflow reaching $95.5286 million, and all products were flowing out, with no exceptions.

Specifically, the Grayscale ETHE product saw the largest outflow, with a net outflow of $50.8882 million, accounting for more than half of the total outflow; BlackRock's ETHA followed closely, with an outflow of $25.0443 million, taking up more than a quarter. Together, these two institutions' products contributed nearly 80% of the total outflow.

However, from the overall market perspective, the days of Ethereum spot ETFs are still promising. As of now, the total net asset value has reached $18.021 billion, accounting for 5.03% of the entire Ethereum market cap. More notably, since the launch of these products, the cumulative net inflow has exceeded $12.433 billion, indicating that overall, funds are still optimistic about these products. Short-term capital outflows may simply reflect market sentiment fluctuations.