More than 4 trillion won pulled from US spot Ethereum ETFs… “Hardly any dip-buying since October”

As Ethereum (ETH) remains in a downtrend, persistent large-scale outflows—especially from US-listed spot Ethereum exchange-traded funds (ETFs)—are adding to market pressure.

According to Bloomberg on the 9th (local time), since the sharp selloff in early October last year through now, roughly $3.3 billion (about 4.8147 trillion won) has exited US Ethereum spot ETFs. Of that, more than $500 million has been net outflows so far this year alone. As a result, total assets under management for Ethereum ETFs fell below $13 billion, the lowest level since July last year.

James Seyffart, an analyst at Bloomberg Intelligence (BI), said, “Since the sharp drop on October 10, Ethereum ETF investors have consistently been net sellers,” adding that “there has been hardly any clear dip-buying.” BI estimates the average purchase price for Ethereum ETF investors at around $3,500, placing them deep in the red versus the current price (around $2,100).

Ethereum is down about 60% from its all-time high. The move aligns with weakening investor sentiment across the broader digital-asset (cryptocurrency) market, including Bitcoin (BTC). As Bitcoin has recently undergone a sizable pullback, selling pressure spread across the altcoin complex, while shrinking liquidity and risk-off sentiment have also weighed on the market.

In particular, unlike equity markets—where the S&P 500 is trading near record highs and risk appetite remains intact—the crypto market has failed to join the rally. Kaiko, a digital-asset data firm, said in a recent report that “the crypto market is in a broad downcycle marked simultaneously by a decline in total market capitalization, rising volatility, and weakening risk appetite.”