Historic Streak Ends with $2.1M Outflow
Spot Ether ETFs in the U.S. recorded their first net outflow on June 13, following a record-breaking 19-day streak of consecutive inflows. The outflow totaled $2.1 million, marking the end of a bullish period for institutional Ethereum investment products.
The streak began on May 16 and accumulated $1.37 billion in inflows, contributing nearly 35% of the total $3.87 billion since ETF launch in July 2024.
Despite the inflow streak, Ether is trading below its price at the start of the run, with the current price at $2,552, down from $2,620 on May 16.
Inflows Didn’t Translate to Price Gains
ETH is down 1.44% over the past 30 days, underperforming despite strong ETF demand.
This disconnect has raised questions among investors. While June 11 saw the largest daily inflow in four months ($240.3M), Ether’s market value has shown no clear upward momentum.
Previous Record Broken by One Day
The new 19-day streak beat the previous 18-day record, which ended on December 19, shortly after Donald Trump’s election victory spurred a wave of optimism in the crypto space.
“Despite inflow strength, ETH is still below key technical thresholds, highlighting weak bullish conviction,” said analysts.
Analysts Call for Staking in ETFs
Industry voices argue that spot Ether ETFs may struggle to sustain interest without staking functionality. On March 20, a BlackRock executive noted that “the ETF is less perfect without staking”, signaling that future updates could be crucial for investor appeal.
Institutional Accumulation Signals Long-Term Confidence
In a major development, SharpLink Gaming purchased 176,271 ETH worth $463 million on June 13, becoming the largest publicly traded ETH holder globally. This aggressive buy underscores the growing belief in Ethereum’s long-term value, particularly in corporate treasury strategies.
“More and more eyes have turned to Ethereum,” said Santiment analyst Brian Quinlivan, noting a catch-up rally since mid-April.
Q3 Outlook: Historically Muted Performance
However, caution remains. Historically, Q3 has been Ethereum’s weakest quarter, with an average return of just 0.88% since 2013, based on CoinGlass data.
Conclusion
U.S. spot Ether ETFs posted their first outflow after a record 19-day inflow streak, signaling a potential cooling in investor sentiment despite massive institutional accumulation. With ETH still trading below its May 16 levels, and Q3 historically slow, future momentum may hinge on features like staking integration and broader market recovery.