Spot Ethereum exchange-traded funds (ETFs) have witnessed significant outflows exceeding $1 billion in cumulative withdrawals, according to data from Farside Investors. This trend aligns with a decline in net inflows for the Ethereum ETF, contrasting sharply with Bitcoin’s positive trajectory. Bitcoin ETFs surged ahead this month, accumulating over $600 million in net inflows during September. 50% of Ethereum ETF flows originate from CME open interest changes, highlighting the influence of both directional positioning and market-neutral arbitrage strategies. These trends suggest a more complex interplay between institutional preferences for Bitcoin and Ethereum. Experts attribute Bitcoin’s strong performance to its established store-of-value narrative, while Ethereum continues to attract institutions through its role as an infrastructure platform for decentralized finance applications.