I looked at the fund data for Ethereum spot ETFs in the US last year, and the results are quite interesting.

Throughout 2025, the total net inflow reached $9.686 billion, but the pace was not steady—on the contrary, it showed very obvious "phase characteristics." Simply put, the money came in very unevenly.

**Numbers Speak**

In January, over $100 million came in; February saw $60 million; March even experienced nearly $400 million outflow. But starting in June, it clearly heated up, with July hitting $5.4 billion (the highest of the year), and August bringing in another $3.8 billion. These two months accounted for nearly half of the annual net inflow.

Then, through September and October, the inflows continued, but in November, it turned negative—$1.4 billion net outflow in a single month—and in December, another over $600 million outflow. By the end of the year, there was indeed some selling.

**Why such fluctuations?**

This is not retail investor behavior. The institutional allocation logic is very clear: they don't buy continuously just because they are optimistic, but adjust their positions based on macro expectations, policy windows, and market rhythm.

The explosive inflow during summer—accounting for nearly half of the year's increase in July and August—indicates that institutions saw opportunities within a specific window. The net outflows at year-end reflect risk management and asset rebalancing at the institutional level.

**The most worth pondering**

Instead of obsessing over "whether institutions entered," it's more insightful to consider "when" and "how" they entered. The large buy-in during summer may have already laid the groundwork for the next cycle. ETFs have become the main tool for institutions to allocate Ethereum, and their operational rhythm actually reflects a collective judgment of the overall market expectations.