Apeiron Capital Exits Ethereum ETF Amid Market Downturn

On February 4, as the cryptocurrency market's decline intensified, another institution decided to exit the Ethereum ETF. According to BlockBeats, Hong Kong-based Apeiron Capital Limited has liquidated its holdings in the iShares Ethereum Trust ETF (ETHA) by the fourth quarter of 2025, selling a total of 285,400 shares for approximately $8.99 million. Previously, this ETHA holding accounted for about 4.3% of Apeiron's assets under management (AUM), which has now dropped to zero. This move is seen as another clear signal of reducing positions amid a significant pullback in Ethereum and related assets. Data shows that as of January 30, ETHA was priced at $20.17, having fallen 17.7% over the past year, underperforming the S&P 500 index by about 32 percentage points. Following the recent sharp decline in the crypto market, its one-year drop has expanded to over 30%. Throughout 2025, ETHA's net value fell by more than 11%. Analysts suggest that Apeiron's exit from ETHA does not equate to a rejection of blockchain or Ethereum's long-term value but rather reflects an asset reallocation choice in a high-volatility, low-return environment. As a single-asset ETF, ETHA's returns are almost entirely dependent on ETH price trends, making it particularly vulnerable during market downturns. Currently, Apeiron's investment portfolio is more focused on companies like On Holding, Summit Therapeutics, and QFIN, indicating a shift in funds from crypto assets to targets with a stronger emphasis on fundamentals.