U.S. exchange-traded funds tied to ether (ETH) have seen $401 million in net outflows so far in March, wiping out gains from the first two months of the year.

The redemptions represent nearly 6% of the total $6.77 billion in assets held by spot ether ETFs, according to data from SoSoValue. Just one day this month—March 4—saw positive inflows, with $14.58 million added. In comparison, January and February saw inflows of $101 million and $60 million, respectively.

Spot bitcoin ETFs also faced withdrawals, with $893 million in net outflows this month, but the scale relative to assets under management, roughly 0.9% of $94.35 billion, was far less severe. Bitcoin funds remain net positive for the year after strong inflows of $5.25 billion in January.

The contrast mirrors recent market performance. Since March 1, ether has dropped roughly 8.5%, while bitcoin has gained more than 3%. Year-to-date, ether has plunged over 37% to around $2,080. Bitcoin, while also down, has fared better with a 7.5% decline to about $87,300. The broader CoinDesk 20 Index fell 21% in the same period.

Despite the downturn, ether ETFs still hold a net inflow of $2.42 billion since their launch. But that’s dwarfed by the $36.05 billion pulled in by the bitcoin counterparts, highlighting the gap in investor appetite between the two assets.

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