According to the analysis of OKG Research, Ethereum spot ETF has seen a large outflow of 204,991 ETH to centralized exchanges and a large inflow of 250,313 ETH from centralized exchanges over a three-day period, according to the OKLink on-chain data. The net inflow was 45,322 ETH, about $147 million, which means that the amount transferred from centralized exchanges to on-chain wallets was about $147 million.

According to the latest data from Farside, the launch of the Ethereum spot ETF did not attract a large inflow of funds as expected. Instead, it witnessed an outflow of approximately US$250 million in ETH through this channel. This anomaly is mainly attributed to the significant outflow of funds from Grayscale, with ETHE experiencing a withdrawal of up to $1.15 billion in the first three days. Comparing the situation with Bitcoin, GBTC also lost approximately US$1.2 billion in the three days before the listing of the Bitcoin spot ETF. It is worth noting that the outflow ratio of ETHE exceeded 15%, while GBTC only outflowed 3% during the same time period, and the "grayscale" effect of ETH is accelerating.​