Ethereum ETF Sees $480 Million Vanish in a Day... Uncertain Signals for 'Bottom Buying'

iShares Ethereum Trust ETF (ETHA), a U.S.-listed spot Ethereum ETF on Nasdaq, is trading down 5.18% at $15.19—roughly KRW 22,000. Its market capitalization has fallen to about $6.6 billion (approximately KRW 9.6 trillion), with some $330 million (around KRW 480 billion) wiped out in a single day, based on an exchange rate near KRW 1,460 per dollar. Trading volume reached about 15.86 million shares.

On February 9, ETHA experienced net outflows of approximately $45.4 million, equal to about 0.7% of its $6.7 billion in assets under management. Earlier, on February 2, ETHA’s relative strength index (RSI) fell below 30, triggering a technical “oversold” warning in a Nasdaq report.

Managed by BlackRock, ETHA tracks the CME CF Ether-Dollar Reference Rate and holds physical ether to reflect the underlying price. Launched in June 2024, it began trading on Nasdaq on July 23. With an annual fee of 0.25%, it has quickly become a leading vehicle for indirect exposure to Ethereum through traditional brokerage accounts.