The US Spot Ethereum ETF has accounted for over 5% of ETH supply! On-chain data reveals fund movements.

On-chain data shows that the United States spot Ethereum (ETH) exchange-traded fund (ETF) holdings have exceeded 5% of the total supply, becoming the market focus. According to The Block data dashboard, these ETFs currently hold a total of 6.3 million ETH, with a market capitalization of approximately 2.67 billion USD, accounting for 5.1% of the circulating supply of ETH.

Holdings Data and Market Capitalization

Holdings: 6.3 million ETH

Market capitalization: approximately 26.7 billion USD

Supply Ratio: 5.1%

This data highlights the influence of ETFs in the ETH market, indicating that a considerable proportion of tokens are long-term locked in institutional investment instruments, reducing market circulation.

Capital Flow: Pullback After Historical Highs

According to SoSoValue data, the Spot ETH ETF recorded a net outflow of $196.6 million on the latest trading day, marking the second-largest single-day outflow since its launch.

Previous trend: Net inflow of funds for eight consecutive days, a total inflow of 3.7 billion USD.

Performance last week: Weekly net inflow of 2.85 billion USD (only 325.8 million USD the previous week)

This indicates that despite a short-term capital withdrawal, the long-term trend of the ETF absorbing ETH is still ongoing.

ETH Price Trends and Market Sentiment

As of 1:30 AM Eastern Time on Tuesday, ETH is priced at $4,239, with a 24-hour decline of 1.5%; Bitcoin (BTC) has slightly dropped by 0.1% to $115,299.

Short-term market sentiment is influenced by macro factors:

Bitcoin futures sentiment index: fell to 36%, below the neutral value of 50%

Analyst’s perspective: Low sentiment may increase the risk of BTC testing $112,000, which could also affect ETH’s short-term trend.

Comparison with BTC ETF: Institutional Preference Remains Obvious

According to the latest data:

BTC Spot ETF: Assets Under Management (AUM) reached $165.57 billion

BlackRock IBIT: $85.25 billion

Fidelity FBTC: 36.84 billion USD

Grayscale GBTC: 21.44 billion USD

ETH Spot ETF: Total Holdings 25.56 billion USD

The institutional holdings ratio shows that the ETF allocation ratio of BTC to ETH is approximately 6:1, reflecting that Bitcoin remains the preferred asset for institutional investors, while ETH, although its holdings continue to expand, is still catching up.

Conclusion

The US Spot Ethereum ETF Holdings have surpassed 5% of the supply, indicating an increasing long-term allocation demand from institutions for ETH. Although short-term capital outflows and cooling market sentiment may bring volatility, the long-term lock-up effect of the ETF could provide structural support for ETH. Investors should continue to follow capital flows and macro policy changes, as these will influence ETH’s medium- to long-term trend. For more real-time quotes and in-depth analysis, please follow the official Gate platform.