The data for ETH spot ETFs has crashed again.

Last week, things had finally started to recover, and for the first four days, BlackRock's funds were still consistently flowing in. But then on Friday, there was a major single-day net outflow. The same thing happened at Grayscale—just as we saw their inflow data warming up over the past couple of days, they immediately switched to large-scale selling.

Investor enthusiasm for buying ETH? It’s cooled off again.

Looking at the weekly chart, in the just-finished 71st week, traditional capital’s attitude toward ETH was basically: exit. The overall scale of selling was significant, and market sentiment has reverted to a wait-and-see or even pessimistic state. Spot ETFs were initially expected to bring in incremental capital, but seeing this tug-of-war between inflows and outflows, it’s clear institutional investors are still hesitating.