Ethereum spot ETFs have been quite lively these days. On January 8th, the net outflow reached $159 million, with a leading institution’s product alone losing $108 million in a single day. It seems many are reducing their positions.

Interestingly, although this institution experienced a significant daily outflow, its total net inflow still amounts to $12.802 billion—indicating that its long-term holding strategy remains unchanged. Another participant’s product had a net outflow of $31.716 million on the same day, with total net outflows reaching $5.131 billion, clearly showing a continued bearish trend.

From the overall market perspective, the total net asset value of Ethereum spot ETFs is $18.926 billion, accounting for approximately 5.05% of its total market capitalization. This short-term fluctuation combined with the divergence in long-term holdings actually reflects subtle changes in market sentiment towards Ethereum—some are adjusting their positions, while others are holding firm, making the on-market competition quite intense.