U.S. spot Ethereum exchange-traded funds (ETFs) recorded net outflows of $238.55 million on January 21, marking the second consecutive day of significant withdrawals. BlackRock's iShares Ethereum Trust led the outflows with $283.46 million, followed by Fidelity's Ethereum Fund with $30.89 million. Grayscale's Mini Ethereum Trust was the only fund to see positive inflows, attracting $10.01 million. These outflows come amid broader market volatility and potential portfolio rebalancing by investors. The initial enthusiasm following ETH spot ETF approvals has given way to profit-taking and strategic reallocations. Analysts note that such early-stage volatility is common for new asset class products, with sustained trends over longer periods being more indicative of market sentiment.