In March, U.S. exchange-traded funds associated with ether (ETH) have experienced net outflows amounting to $401 million, erasing the gains made during the first two months of the year.
These redemptions account for nearly 6% of the total assets, which stand at $6.77 billion in spot ether ETFs, based on available data. Notably, there was only one day this month—on March 4—where inflows were recorded, totaling $14.58 million. In contrast, January and February each enjoyed inflows of $101 million and $60 million, respectively.
The situation for spot bitcoin ETFs wasn’t much better, with withdrawals reaching $893 million in net outflows during March. However, this figure represented only about 0.9% of the $94.35 billion under management, indicating a less significant impact. Bitcoin funds have remained in the positive for the year, buoyed by strong inflows totaling $5.25 billion in January.
This scenario reflects broader market trends. Since the beginning of March, ether has fallen roughly 8.5%, while bitcoin’s value has increased by over 3%. Year-to-date, ether has dropped more than 37%, currently valued at around $2,080, while bitcoin has experienced a smaller decline of 7.5%, now priced at approximately $87,300. Meanwhile, the overall index has seen a 21% decline over the same timeframe.
Despite the recent downturn, ether ETFs have experienced a net inflow of $2.42 billion since their inception. However, this is significantly overshadowed by the $36.05 billion attracted by their bitcoin counterparts, emphasizing the disparity in investor interest between these two cryptocurrencies.