A $60 million outflow against that backdrop is roughly 0.1% of the fund. At least $20 million of it landed in ETHA, BlackRock’s spot Ethereum ETF. One sovereign wealth fund trimming a position could account for the entire $60 million outflow. For Ethereum specifically, sustained institutional buying through regulated ETF products could provide meaningful price support at a time when the asset has struggled. But one week of $20 million in buying is a data point, not a trend.