Ethereum ETFs in the United States saw a record net outflow of 465 million USD led by BlackRock, despite on-chain data showing that institutions are quietly accumulating assets.
After an impressive 20-session capital inflow streak, Ethereum (ETH) spot ETFs in the US recorded a sharp sell-off with the highest net outflow ever. According to data from investment research firm Farside, the total capital outflow from these funds reached 465 million USD on Monday's trading session, marking the second consecutive net outflow day and ending a positive momentum that lasted for a month.
This sudden capital outflow occurred right after a booming July, when the entire fund group attracted a net inflow of 5.43 billion USD, indicating that a segment of investors is taking profits following a strong price increase of the underlying asset.
Spot Ether ETF data. Source: SoSoValue
This sell-off occurred alongside a price correction of ETH, as the cryptocurrency dropped 12% from a peak of nearly 3,858 USD to 3,380 USD before rebounding. Detailed capital flow analysis shows that BlackRock's iShares Ethereum Trust (ETHA) was the most affected, accounting for nearly 375 million USD of the total net outflow. The Fidelity Ethereum Fund (FETH) ranked second with 55.11 million USD withdrawn.
Nevertheless, the ETHA fund still maintains total assets under management of 10.7 billion USD, demonstrating the significant scale that this product has established in a short time since its launch.
However, on-chain data paints a completely contrasting picture. While ETF capital is flowing out, large investors and financial institutions are seizing this as an accumulation opportunity. Blockchain analytics firm Lookonchain reports that just on Tuesday, three large wallets identified as belonging to institutions bought 63,837 ETH through over-the-counter (OTC) transactions, equivalent to 236 million USD.
This activity is not an isolated phenomenon. Lookonchain has tracked 14 new wallets accumulating over 856,000 ETH (worth more than 3.1 billion USD) since the beginning of July. The clear divergence between ETF capital flows and on-chain activity reflects a market increasingly stratified by investment strategy.
