Grayscale’s spot ether ETF (ETHE) experienced $80.6 million in outflows yesterday, its largest single-day outflow since spot ether ETFs launched in July. The sudden withdrawal, more than that of the previous nine days combined, was likely driven by profit-taking as ether’s price has surged nearly 20% over the past 10 days, peaking at $2,700 before dropping to $2,600 today.

By contrast, other ether ETFs saw only minimal activity, with no significant inflows or outflows aside from Bitwise’s ETHW, which saw $1.3 million in outflows. This left the total spot ETH ETF market with net outflows of $79.3 million for the day.

Since the launch of spot ether spot ETFs in July, Grayscale’s ETHE has seen cumulative outflows of $2.84 billion. Total net outflows for all spot ether ETFs now stand at $686.9 million, highlighting that inflows into other funds, such as BlackRock’s ETHA, have not been able to counterbalance the funds exiting from ETHE.

Read more: ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?

Spot ether ETFs have struggled to match the success of bitcoin ETFs. The total market cap for spot ether ETFs stands at $5.87 billion, while Bitcoin ETFs have a much larger market cap of $74.90 billion.

Despite the muted response so far to spot ether ETFs, some market analysts see potential for ETH to rally under certain political conditions. On the latest episode of Unchained, Travis Kling, CIO of Ikigai Asset Management, suggested that a Donald Trump victory in the 2024 U.S. presidential election could provide a significant short-term boost to ether.

“If Trump wins, it would be my base case—though not financial advice—that ETH will go up a lot in the immediate response,” Kling said. He believes a Trump administration could lead to a more crypto-friendly SEC, paving the way for regulatory clarity and potentially allowing ether to become more valuable in new ways. “ETH is a great way to play that,” Kling added. “You can now do it through an ETH spot ETF, providing traditional investors an easy entry point into the space.”