Ethereum Spot ETFs See $65.4M Weekly Outflow; Grayscale ETHA Leads
US-listed Ethereum spot ETFs recorded a net outflow of $65.4 million for the week ending December 6, 2025. Grayscale’s ETHA fund led withdrawals with $55.8 million redeemed, while the ETHE vehicle saw $53.2 million in redemptions, indicating concentrated liquidity moves among major Ethereum trusts. Analysts warn such outflows can affect ETF liquidity, increase pricing dispersion and arb opportunities, and alter market-making dynamics. Traders should monitor ETF flows alongside broader market liquidity and risk metrics before changing positions in ETH-focused products.
Bearish
A sizable weekly net outflow of $65.4M from US Ethereum spot ETFs—driven heavily by redemptions in Grayscale ETHA and ETHE—points to weakening demand for ETF-wrapped ETH exposure in the short term. Large redemptions reduce ETF liquidity, can widen premium/discount spreads versus spot ETH, and may force market makers to sell underlying assets to meet redemptions, exerting downward pressure on ETH-related instruments. Historically, persistent outflows from flagship ETFs correlate with near-term price softness for the underlying asset (similar patterns were observed during large Bitcoin ETF outflow weeks in 2023–2024). However, the impact may be transient if outflows reverse or spot-market liquidity remains deep. For traders: expect elevated volatility and arbitrage opportunities between ETF quotes and spot ETH; consider reducing directional long exposure or using hedges if outflows continue, while longer-term investors should weigh these flow signals against fundamentals and macro liquidity conditions.