James Butterfill, head of research at CoinShares, wrote on X: "The Ethereum Spot ETF saw inflows of $801 million within two days of launch, excluding the transfer of seed money from grey release ETHE to its Mini Trust ETH ETF. This is a very positive start. However, we observed significant outflows from grey release ETHE totaling $820 million, resulting in an overall net outflow of $19m from the Ethereum Spot ETF."