Persistent Outflows
US spot Ethereum ETFs recorded net outflows for 10 straight days, with BlackRock and Fidelity leading withdrawals, totaling $6.67M on May 22 alone.
Institutional Divergence
Harvard Management Company fully exited its $87M ETH ETF position within 90 days, while Bitmine added 60,000 ETH (~$125.9M) to its treasury, now holding 5.3M ETH total.
Long-Term Case
Analysts argue ETH retains strong fundamentals through DeFi, stablecoins, and tokenized assets despite the ~28% price decline.