Market sentiment is shifting, and spot ETFs can't stop it.

On Wednesday, the US crypto market saw Bitcoin spot ETF experience its second consecutive day of net fund outflows—yesterday, $486 million was withdrawn in one go. Overall, this week's total outflow has exceeded $584 million.

Who's running away? Just look at the actions of the leading funds. Fidelity's FBTC is leading, with a single-day net outflow of $248 million (equivalent to 2,720 BTC). Following closely is BlackRock's IBIT, which saw outflows of $130 million (1,430 BTC). Ark & 21Shares' ARKB and Bitwise's BITB also didn't sit idle, with outflows of $42.27 million and $39.03 million respectively. Products under Grayscale and VanEck also experienced outflows, though on a smaller scale, each losing over $15 million.

However, despite the significant daily outflows, the total net asset value of Bitcoin spot ETFs remains steady at $118.36 billion. This accounts for 6.51% of the total Bitcoin market cap. The cumulative net inflow has reached $57.05 billion, indicating that institutional investors have generally maintained a positive outlook during this period.

The situation for Ethereum spot ETFs is similar. Yesterday marked the first net outflow day of the week, totaling $98.45 million. Grayscale's two products, ETHE and ETH, both experienced large outflows, at $52.05 million and $13.03 million respectively. Fidelity's FETH, Bitwise's ETHW, BlackRock's ETHA, and VanEck's ETHV also followed suit with outflows.

Interestingly, while everyone else is pulling out, Franklin's EZET took a different approach—yesterday was the only day with a net inflow among Ethereum ETFs, totaling $2.38 million. It seems some investors are still determined to buy the dip.

Looking at the broader market, the total net asset value of Ethereum spot ETFs has accumulated to $19.31 billion, accounting for 5.10% of Ethereum's total market cap, with a total net inflow of $12.69 billion. Although smaller than Bitcoin ETFs, its growth momentum is equally impressive.