In an interesting turn of events, it seems that BlackRock has become the only major ETF to have purchased Ethereum (ETH) recently, according to Arkham Intelligence. The world's largest hedge fund now holds a substantial 336,058 ETH, which equates to a remarkable $763.95 million, according to their data.

This revelation comes at a challenging time for Ethereum ETFs. The initial excitement surrounding these funds has been dampened by significant outflows. Since their debut in late July, spot Ethereum ETFs have seen nearly $480 million in outflows within their first 30 days of trading.

These numbers show that people do not have interest in these investment vehicles, which reflects the difficulties in the market.

On top of that, Ethereum itself has not been doing so well. Since the beginning of the year, ETH has lost 0.54% of its value, which is in stark contrast to the impressive gains seen in Bitcoin and Solana, which have posted returns of 28% and 25%, respectively. Right now, Ethereum is quoted at $2,270.

Market analysts point to several factors affecting ETF performance. The unlocking of Grayscale's Ethereum Trust (ETHE) has been a notable influence, with substantial outflows observed from the fund.

Despite this, there is a cautious optimism among experts. Bloomberg Intelligence ETF analyst Eric Balchunas notes that while the unlocking has had a considerable impact, it is expected to conclude, potentially improving the outlook for Ethereum ETFs in the future.