Internet reports that as of April 18, the asset size under management (AUM) of the spot Ethereum ETF has plummeted to US$4.57 billion, setting a record low since the establishment of such registered products. These ETFs have seen net outflows for seven consecutive weeks, with net outflows reaching US$1.1 billion during this period. Grayscale's ETHE has been a significant source of capital outflows, and its 2.5% management fee (compared to BlackRock's more competitive 0.25%) may be daunting for investors. Like Bitcoin peer GBTC, ETHE also faces a large number of redemptions as investors turn to lower-cost alternatives after the mandatory lock-up period expires. Fee differences pose a significant drag on long-term holders, especially in price-sensitive market environments.