BlackRock’s ETHA Drove $93.3 Million in Ether ETF Outflows

U.S. spot Ether ETFs shed $93.3 million on Nov. 6, extending net withdrawals to a second consecutive session, according to reported ETF flow data. BlackRock’s iShares Ethereum Trust, ticker ETHA, accounted for $90.8 million of that total.

That concentration defines the session. ETHA represented roughly 97% of the day’s net outflow. The other listed products accounted for a combined $2.5 million on net, making the headline less a broad industry retreat than a withdrawal centered on BlackRock’s fund.

The previous session was heavier. U.S. spot Ether ETFs lost $99.9 million on Nov. 5. Together, Nov. 5 and Nov. 6 produced $193.2 million of outflows, two sessions after Bitcoin and Ether ETFs together took in $127.6 million on Nov. 4.

The five-day picture is broader still. Ether ETF funds recorded $365.2 million in combined outflows over the five trading days through Nov. 6. Cumulative net flow since launch stood at $11,951.0 million, so the two-day pullback reduced, rather than erased, the products’ post-launch inflow position.

What does this change for Ether ETF investors?

For investors tracking fund demand, the practical change is narrow. The outflows concentrated in ETHA rather than spreading evenly across issuers. One product supplied $90.8 million of a $93.3 million market-wide net outflow, while the rest of the lineup barely moved in aggregate.

The product-level records make the split clear:

• BlackRock’s iShares Ethereum Trust (ETHA): $90.8 million net outflow.
• ETHB: $1.1 million net inflow, the largest among the listed products.
• Grayscale Ethereum Mini Trust (ETH): $1.9 million net outflow.
• Fidelity Ethereum Fund (FETH): $1.7 million net outflow.
• ETHW, TETH, ETHV, QETH, EZET, MSSE and ETHE: no net flow.

ETHA’s outflow was more than 50 times the loss at Fidelity’s fund. It was also far larger than Grayscale’s $1.9 million outflow. ETHB provided the only listed inflow, partly offsetting those smaller losses without changing the day’s direction.

The two-session total needs a wider frame. The $193.2 million in Ether ETF outflows over Nov. 5 and 6 formed part of the broader Bitcoin and Ether ETF outflow total. The reversal followed $127.6 million of combined inflows into those two asset groups on Nov. 4.

Those figures describe fund flows, not trading volume or the price of Ether. That distinction matters when interpreting the concentration: a headline labeled Ether ETF outflows can hide a single-fund event, even as the broader Bitcoin and Ether ETF market registered net outflows.

For issuers and investors, concentration is the operational point. ETHA supplied nearly all of the latest outflow. Seven products registered no net flow, and ETHB posted the only inflow. The $193.2 million two-session pullback equaled about 1.6% of cumulative net flow since launch.

The next trading session’s flow update will show whether the concentration persists, broadens across issuers or reverses.