Yesterday, the U.S. spot Ethereum ETF had a total net outflow of $133 million, including:

BlackRock ETHA had a net inflow of $17.4 million;

Grayscale ETHE had a net outflow of $326.9 million;

Grayscale Mini ETH had a net inflow of $45.9 million;

Fidelity FETH had a net inflow of $74.5 million;

Bitwise ETHE had a net inflow of $29.6 million;

Invesco QETH had a net inflow of $2.5 million;

Franklin EZET had a net inflow of $3.9 million;

VanEck ETHV had a net inflow of $19.8 million;

Taking into account the above factors and the fact that the ETF issuer has not yet carried out a large-scale marketing campaign; plus some traders will choose to close some long positions when the news comes out; in addition, we have to take into account the potential outflow of funds from Grayscale... This can indeed be a reason to be bearish on ETH, at least in the early stages.