US spot Ether ETFs just logged a second straight day of redemptions, with $82.4 million in net outflows on June 23. That matters because ETF flows are still the clearest read on regulated investor demand, and right now they’re signaling caution: investors are not rushing in to buy Ether’s weakness, and some appear to be waiting for a stronger directional signal after Ethereum slipped below a level traders had been watching closely.
But that is not the whole Ether story. On-chain data flagged by Onchain Lens shows a wallet linked to Andreessen Horowitz pulling nearly 26,000 Ether, worth about $43 million, off Binance. So the short-term picture is mixed: softer ETF demand on one side, a sizable exchange withdrawal on the other. That makes the next few sessions especially important. If ETF flows stabilize, the latest redemptions may look like caution during volatility. If they keep worsening, that would point to a more persistent pullback in appetite for regulated Ether exposure.