Ethereum ETFs have experienced a net outflow of funds, particularly highlighted by Grayscale's ETHE, despite other ETFs like BlackRock's ETHA and Fidelity's FETH seeing inflows. This negative trend raises concerns about the attractiveness of Ethereum ETFs compared to other investment options. Factors contributing to the outflows include the limited passive income opportunities compared to staking, a declining Ethereum-to-Bitcoin ratio, and Ethereum's inflationary nature. In contrast, Bitcoin ETFs have seen significant net inflows, suggesting a differing investor confidence between the two cryptocurrencies.