Ether exchange-traded funds (ETFs) have recorded four consecutive days of outflows, marking a sharp turn in sentiment after a month of heavy inflows that saw them outperform their bitcoin (BTC) counterparts.

Over the past four trading sessions, spot ether ETFs shed a combined $505.4 million, according to data compiled by Farside Investors. By contrast, bitcoin ETFs brought in $283.7 million during the same period. This reversal follows a striking August performance when ether ETFs saw more than $4 billion in inflows, compared to just $629 million for bitcoin funds.

The shift appears tied to price action. Ether dropped to $4,209 on Monday, marking its lowest level since mid-August. This is similar to past observations which have also seen ETH ETF outflows following sizable price declines.

This behavior suggests investors often move to the sidelines rather than buy the dip. That behavior may reflect either a loss of confidence in short-term upside or a reluctance to hold through potential further declines.

Read more: Ether Leads Crumbling Crypto Prices in Shocking Reversal From Early Rally

The current divergence in flows between the two largest crypto assets points to a cooling of ether-specific enthusiasm, even as bitcoin manages to attract fresh capital.

Still, past performance suggests the pendulum could swing back again. If ether’s price stabilizes or climbs, ETF flows may follow.

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