U.S. Ethereum (ETH) exchange-traded funds (ETFs) recorded $196.6 million in outflows on August 18, the largest sell-off since the products launched in July 2024.
The bulk of the outflows came from the two largest issuers, BlackRock (ETHA) and Fidelity (FETH), which shed roughly $86.9 million and $78.4 million, respectively.
In addition, Grayscale (ETHE) saw $18.7 million withdrawn, Franklin (EZET) lost $6.6 million, and VanEck (ETHV) and Bitwise (ETHW) posted smaller outflows, the former cutting $4.8 million and the latter $1 million.
Despite the pullback, U.S. Ethereum ETFs still collectively manage $27.7 billion in assets, approximately 5.34% of the cryptocurrency’s total market capitalization.
BLACKROCK SOLD ETH
— Arkham (@arkham) August 19, 2025
FIDELITY SOLD ETH
GRAYSCALE SOLD ETH
nobody bought ETH 😢 pic.twitter.com/lt0t33yWKy
Ethereum price drops amid outflows
The pullback came after an institutional buying spree that saw nearly $524 million in inflows on August 12 and approximately $800 million on August 13.
As a result of the withdrawals, Ethereum slipped as low as $4,070 on Wednesday, August 20, after facing resistance near $4,770. By press time, the asset had recuperated a bit, trading at $4.231, although it was still down 0.25% on the daily chart.
However, crypto analyst Michaël van de Poppe highlighted ETH’s test of its 20-day Exponential Moving Average (EMA) on August 19, noting it’s often a key bounce area and suggesting volatility should slow down soon, leading to some very strong altcoin breakouts.
Quote: “One week ago, people were shouting $ETH to $75K. Now, it’s back death again as the bull market is over. Just do the inverse of this and you’ll be insanely rich,” van de Poppe further wrote on X.
For now, though, the market remains volatile, Ethereum’s outlook being shaped by the push and pull between bullish long-term developments and the ongoing short-term market turbulence.
Featured image via Shutterstock
