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On July 23, the much-anticipated Ethereum spot ETF, the second largest cryptocurrency, was launched in the United States. However, a month later, investors seem to have little interest.

The debut of cryptocurrency ETFs in the U.S. is considered a watershed moment for the digital asset industry, which has long campaigned with regulators to launch funds based on Bitcoin and Ethereum. In January, a Bitcoin ETF was launched; in July, eight issuers including BlackRock, Nvidia and Fidelity Investments finally received approval from the U.S. Securities and Exchange Commission to launch an Ethereum spot ETF.

However, the Ethereum spot ETF does not seem to be favored by investors. On Thursday, August 23, the nine ETFs holding Ethereum saw outflows for the sixth consecutive day, with the Ethereum spot ETF seeing a net outflow of $1 million, the longest consecutive withdrawal record since the Ethereum spot ETF debuted on July 23.

Currently, the net outflow of Ethereum spot ETFs is about $458 million, which is mainly attributed to the Grayscale Ethereum Trust Fund, which has been continuously withdrawing funds after the fund was converted into an ETF.

However, many analysts remain bullish on the Ethereum spot ETF. Matthew Sigel, head of digital asset research at VanEck, said: