Ethereum ETFs Experience $370 Million Outflows Amid Staking Concerns

Ethereum exchange-traded funds (ETFs) have experienced significant outflows, shedding $370 million in assets over the past 12 trading days, marking their longest losing streak. According to CoinGlass data, iShares Ethereum Trust (ETHE) and Grayscale Ethereum Trust (ETHE) saw the largest outflows, totaling $146 million and $106 million, respectively. This decline coincides with Ethereum's price dropping from $2,200 on March 5 to around $1,950. BlackRock's head of digital assets, Robert Mitchnick, noted on Thursday at the Digital Asset Summit that the ETFs' lackluster performance is partly due to the lack of staking options. NYSE Arca filed for staking on behalf of Bitwise this week, with Grayscale, 21Shares, and Fidelity following suit. The amount of Ethereum being staked has increased to 33.8 million ETH since March 5, according to beaconcha.in. Since their launch last July, spot Ethereum funds have generated $2.45 billion in net inflows, with BlackRock's ETF garnering $587 million.