Fund flows: Spot Ether ETFs in the U.S. saw combined net outflows of about $140 million yesterday. BlackRock’s ETHA led the declines with roughly $138 million in single-day outflows, while Morgan Stanley’s MSSE still attracted about $3.15 million in net inflows. Total net assets stood at approximately $13.183 billion. More important to watch is whether ETH and BTC ETFs see synchronized redemptions, whether institutions are tactically trimming positions or extending their hedging horizon, and whether the pullback in assets under management will weigh on risk appetite for second-tier altcoins. Don’t take a single day of outflows as proof that the Ethereum narrative is over, but don’t ignore that nearly $400 million in outflows from BTC ETFs yesterday had already knocked risk appetite down a notch.