Ether ETFs have recorded the worst outflows
The current crypto rally remains driven entirely by macro factors and expectations of a Fed ease, rather than idiosyncratic reasons. As such, expressions of beta exposures remain squarely on BTC which has a simple and relatable narrative with the TradFi audience, whereas ETH remains a bit of a niche and less interesting play for the average mainstream investors.
As such, the recent rally in Ethereum and Altcoins is used as a profit-taking opportunity for long-term native and grayscale holders to sell out, leading to a one-way outflow without any matching inflows to match.