Ethereum-focused exchange-traded funds (ETFs) have flipped from steady gains to sharp losses, as the price of ETH retreated from recent highs.
According to data from SoSoValue, Ethereum ETFs recorded $196.6 million in outflows on August 18, marking the second straight day of withdrawals. Just days earlier, these funds saw $59 million exit, cutting short what had been a strong run of inflows.
BlackRock led the outflows, with $87 million leaving its product, followed by Fidelity at $78.4 million. Grayscale posted smaller withdrawals at $18 million, while VanEck, Franklin Templeton, and Bitwise each saw less than $10 million pulled.
The reversal comes right after a red-hot week for Ethereum ETFs, which notched an eight-day streak of inflows including a record single-day haul of over $1 billion as ETH climbed above $4,700 for the first time in months. That momentum, however, has cooled.
At the time of writing, ETH trades at $4,226, down 0.92% over the past 24 hours and 1.5% for the week. While short-term performance has turned negative, ETH still holds a solid 14% monthly gain.
ETFs Still Accumulating ETH Supply
Despite the latest withdrawals, Ethereum ETFs remain on a longer-term accumulation trend. Collectively, they now manage around 6.5 million ETH worth $27.7 billion, representing 5.34% of the token’s total supply. That’s a sharp increase from just two months ago, when ETF holdings hovered near $10 billion.
BlackRock alone has built a massive position. Data from Arkham Intelligence shows the firm holding 3.38 million ETH (about $14.3 billion) making Ethereum its second-largest portfolio asset. This stash is up nearly 190% from the start of the year, when it held just 1.1 million ETH.
The ETF accumulation trend mirrors broader corporate adoption. Companies now hold an estimated 2.2% of Ethereum’s supply, worth $10.2 billion, underscoring institutional confidence in ETH’s long-term potential.
Outlook: Eyes on $7,500
Analysts say the recent outflows are likely the result of profit-taking, as investors lock in gains from Ethereum’s summer rally. Bitcoin ETFs are seeing a similar trend, shedding about $136 million over the past two days.
Still, sentiment remains bullish. Standard Chartered recently lifted its year-end ETH price target to $7,500, pointing to the launch of spot ETFs and rising corporate demand as the next big catalysts for Ethereum’s growth.
