Ethereum ETFs have now posted five consecutive months of net-negative institutional flows. BlackRock’s ETHA saw $46.7 million in outflows on April 3 alone, with $93 million draining from US funds over a 7-day streak in late March.

The SEC approved staking for Ether ETFs in March, which was supposed to be the catalyst. Instead, staking-enabled products appear to be cannibalizing demand from non-staking versions rather than attracting fresh capital. Grayscale’s staking-enabled mini trust gained modest inflows, but every dollar came at the expense of its legacy ETHE product.

Five months of net-negative ETF flows. Staking products are drawing inflows, but they look like rotation from non-staking versions, not fresh capital. The yield story hasn’t changed the macro story.