Well, here we go again. U.S. spot Ethereum ETFs just had a major dip with $465.1 million in net outflows on Monday, the largest single-day outflow since they launched. But before you start panicking, let’s break this down a bit.

This sudden outflow follows a string of record-setting inflows for Ethereum ETFs over the past few weeks. We’re talking about a whopping $2.2 billion in the second week of July, $1.9 billion the following week, and $154.3 million just last week, according to SoSoValue data. So, yeah, a bit of a correction was bound to happen.

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Weekly ETF inflows. Source: Hodlfm

Experts Say It's Just Profit-Taking, Not a Rejection of ETH

The bulk of Monday's outflows came from BlackRock’s ETHA, which saw $375 million leave the fund. Fidelity’s FETH, Grayscale’s ETHE, and the Grayscale Ethereum Mini Trust also felt the burn. Ouch.

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US ETH Spot EFT. Source: SoSoValue Data

But before you grab your pitchfork and start blaming the market, hold up.

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Source: Giphy

Experts are saying this isn’t exactly the end of the world. Nick Ruck, director at LVRG Research, thinks this could just be some short-term profit-taking after ETH’s recent rally. He points out that it doesn’t necessarily indicate a drop in institutional demand, especially since Ethereum saw a record $5.4 billion in inflows in July.

Vincent Liu, CIO of Kronos Research, echoed the same sentiment.

“It’s just a little profit-taking and a shift to safer assets,” he said.

So don’t go thinking that everyone’s jumping off the ETH ship just yet.

At the time of writing, Ethereum is sitting pretty at $3,650, a 4% jump in the last 24 hours, recovering from a weekend dip. Not bad, huh?

Peter Chung, head of research at Presto Research, offered a bit more context, suggesting that the $465 million outflow could have been tied to weak payroll data from Friday, which triggered a market selloff. Apparently, ETF flow data can take a day or two to catch up, so don’t sweat it too much.

In the same vein, spot Bitcoin ETFs saw $333.2 million in outflows on Monday, but compared to $812.3 million in outflows on Friday, things are looking a bit better.

So, don’t overthink the daily fluctuations. The crypto market is known for its drama, and things can turn around faster than you can say “blockchain.”

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