U.S. spot Ethereum ETFs are recording major outflows as demand weakens across the crypto market, according to a new report from BestBrokers.
ETH ETF holdings dropped from more than 6.1 million ETH in late January to about 5.8 million by Feb. 23. Total assets in those funds also fell from $18.6 billion to about $11.9 billion. The data also shows that the market is highly concentrated, with BlackRock holding about 57% of all ETH in U.S. ETFs – well ahead of Grayscale and Fidelity.
Ether (ETH) has fallen sharply, down about 35% over the past month and nearly 40% over the past three months. Currently, the world’s second-largest cryptocurrency by market capitalization is trading at around $1,850, per CoinGecko.
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