ETF outflows dominated but selling pressure is easing
Institutional flows have remained the principal driver of Ether’s recent price action.
The final week of May saw US spot Ethereum ETFs record approximately $241 million of net outflows, extending an already significant period of institutional de-risking. BlackRock’s ETHA accounted for the largest share of withdrawals, although some funds continued to attract modest inflows.
The trend continued into the first week of June, when spot Ethereum ETFs recorded a further $173 million of net outflows, marking a fourth consecutive week of redemptions as investors reduced exposure amid rising bond yields and geopolitical uncertainty. BlackRock’s ETHA and Fidelity’s FETH experienced the largest withdrawals.
However, there have been early signs of stabilisation.
A 17-session outflow streak ended on 5 June, when spot Ethereum ETFs recorded approximately $19.3 million of net inflows, driven entirely by fresh buying into BlackRock’s ETHA fund. The return of positive flows suggested that some institutional investors viewed the sharp correction as a buying opportunity.
During the most recent trading week, net outflows slowed dramatically to around $14.9 million, a substantial improvement from previous weeks. BlackRock’s ETHB attracted fresh inflows that largely offset continued withdrawals from Grayscale products, indicating institutional selling pressure is beginning to moderate.
Although cumulative flows remain negative over the past month, the deceleration in redemptions supports the view that ETF-related selling may be approaching exhaustion.