Ethereum ETF has experienced net outflows for 9 consecutive days. Since the launch of Ethereum ETF, there have been only 8 days of positive inflows, and the rest of the days have been negative inflows. There were also huge outflows in the first few days after the launch. The launch of Bitcoin and Ethereum ETFs is to sell to Grayscale. According to the current user churn rate of Grayscale, Grayscale will no longer exist after this round of bull market. In the future, BlackRock will have the final say in the market.