Ethereum Spot ETFs Bleed a 10Th Straight Day
Ethereum (ETH) spot ETFs recorded a net outflow of $6.67 million on May 22, marking the 10th consecutive day of redemptions from the funds. SoSoValue data shows the streak is the longest since the products launched on U.S. exchanges in July 2024.
The run contrasts sharply with Bitcoin (BTC) spot ETFs, which saw net inflows over the same period. ETH fell to roughly $75,400 in early trading on May 23 as macro pressure and weak institutional demand weighed on the leading smart-contract blockchain.
The 10-Day Bleed
The cumulative net outflow across all nine U.S.
Ethereum spot ETF products over the 10-day run now exceeds $80 million, based on SoSoValue’s daily tracker. The $6.67 million outflow on May 22 was the smallest single-day figure in the streak, suggesting pace has slowed but direction has not reversed.
BlackRock’s iShares Ethereum Trust and Fidelity’s Ethereum Fund have both posted outflows in the majority of sessions during the run, according to SoSoValue data.
Smaller products, including the 21Shares and Invesco Ethereum ETFs, recorded zero flows on several days, meaning the net negative figure has been driven primarily by the two largest fund families.
ETH’s price dropped roughly 9% over the 10-day period, moving from near $83,000 to $75,400 by the morning of May 23. The price decline and the outflow streak have reinforced each other, as falling net asset values reduce the incentive for authorized participants to create new shares.
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Bank of America Trims ETH, Adds Bitcoin
Bank of America’s latest disclosed cryptocurrency holdings show the institution grew its position in BlackRock’s iShares Bitcoin Trust to bring its total cryptocurrency ETF footprint to approximately $53 million.
The bank cut its ETH ETF allocation in the same period, according to a report published May 23.
The move is consistent with a broader institutional pattern visible in 13F filings this year. Large financial institutions that entered the cryptocurrency ETF market after the January 2024 Bitcoin approvals have increasingly concentrated exposure in Bitcoin products while keeping Ethereum allocations smaller or reducing them.
Ethereum’s comparative weakness against Bitcoin is also visible in the ETH/BTC ratio, which has drifted lower through May.
The ratio stood near 0.00112 on May 23, down from approximately 0.00135 in early April. Traders use this ratio to gauge whether institutional capital is flowing toward Ethereum or consolidating in Bitcoin.
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Background
Ethereum spot ETFs launched in the United States in July 2024, roughly six months after Bitcoin spot ETFs were approved in January of that year.
The Bitcoin products drew record inflows in their opening weeks, with BlackRock’s iShares Bitcoin Trust accumulating more than $10 billion in assets within its first three months. Ethereum’s ETF launch generated significantly less excitement.
First-week net inflows were modest, and the products faced persistent competition from Grayscale’s Ethereum Trust, which converted to an ETF format and immediately experienced heavy redemptions as investors rotated out of the higher-fee legacy structure.
By early 2025, cumulative net inflows into U.S. Ethereum spot ETFs had turned positive, supported by a rally in ETH that briefly pushed the token above $4,000.
That period also saw fresh filings from asset managers seeking staking functionality inside ETF wrappers, a feature that Bitcoin ETFs do not require. Those staking-enabled products have not yet received SEC approval.
The absence of a staking yield inside current Ethereum ETFs is frequently cited by analysts as a structural disadvantage relative to holding ETH directly on-chain.
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What Ethereum ETF Flows Signal for Price
Ten consecutive days of outflows from a spot ETF product do not guarantee continued price weakness, but they do indicate that the marginal institutional buyer is absent. Spot ETF flows reflect real purchases and sales of the underlying asset by authorized participants, meaning sustained outflows represent net selling pressure on the ETH market.
The current streak began on May 13 and has coincided with a period of broad cryptocurrency market caution.
Bitcoin fell roughly 2.7% over the same 10 days, but its ETF products continued to attract net inflows on most sessions, suggesting the Bitcoin/Ethereum divergence is product-specific rather than purely macro-driven.
Traders watching the Ethereum ETF flow data are focused on two signals for reversal. First, a return to net inflows in BlackRock’s product specifically, as it commands the largest market share among the nine funds.
Second, a stabilization in the ETH/BTC ratio above 0.00115. Neither condition was met as of the morning of May 23.
The SEC has yet to approve any staking-enabled Ethereum ETF application, and no decision dates are publicly scheduled for this month.
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