US exchange -traded funds bound to Ether (ETH) have seen $ 401 million in net outflow so far in March and wiped out gains from the first two months of the year.

The redemptions represent almost 6% of the total $ 6.77 billion in assets contained by Ste ether ETFs, according to Sosovalue data. Just one day this month – March 4 – so positive influx with $ 14.58 million added. By comparison, January and February experienced influx of $ 101 million and $ 60 million respectively.

Spot Bitcoin ETFs also faced withdrawals with $ 893 million in net outflow this month, but the scale in relation to assets under management, approx. 0.9% of $ 94.35 billion, was far less severe. Bitcoin funds remain net positive for the year after a strong 5.25 billion dollar in January.

The contrast mirrors the recent market performance. Since March 1, Ether has fallen approx. 8.5%, while Bitcoin has received more than 3%. Year to date, Ether has deep over 37% to about $ 2,080. Bitcoin, while also down, is better off with a fall of 7.5% to about $ 87,300. The wider Coindesk 20 index declined 21% in the same period.

Despite the downturn, Ether ETFs still have a net flow of $ 2.42 billion since their launch. But it is the dwarf of the $ 36.05 billion that was drawn by the Bitcoin colleagues, highlighting the gap in investor appetite between the two assets.