By Marcus Bennett

U.S. spot ether ETFs lost $542.1 million in net outflows last week, their worst week since January and the ninth straight trading day of redemptions, according to The Block's analysis of SoSoValue data. Solana funds didn't escape either. They snapped a record 14-week inflow streak with their largest weekly outflow on record.

Add bitcoin to the picture and roughly $1.25 billion left the three spot ETF categories in five sessions.

The ether bleed started Sept. 29 and has now pulled $697.2 million from the funds. That run ties a June 17-30 stretch as the third-longest in the products' history. The record remains a 17-day slide from May 11 to June 3, which drained about $900.1 million.

One fund did most of the damage. BlackRock's ETHA, the largest ether product by assets, lost $477.0 million over the week — about 88% of the category's total. It was ETHA's largest weekly outflow since mid-December 2025 and its third-largest since launching in July 2024.

Tuesday was the heaviest session. ETHA alone saw $201.9 million in redemptions that day, its worst single day since Jan. 21. Notably, Tuesday was also the day ETHA's 1-for-3 reverse share split took effect. The fund posted outflows in all five sessions and now holds $8.64 billion in net assets, roughly $4.15 billion below its $12.79 billion in cumulative net inflows.

Grayscale's ETHE took the second-largest weekly hit among ether funds, at $31.9 million. The prior week, the category had already lost $138.0 million, with Fidelity's FETH accounting for $74.1 million of that.

What does this change for the ether market?

Spot ether ETF net assets fell 10% over the week to $15.71 billion. Year-to-date inflows dropped to $931.8 million from $1.47 billion a week earlier, though the funds remain positive for 2026. Trading volume, oddly, rose to $5.18 billion from $3.57 billion — sellers were active, not absent. Cumulative net inflows since launch stand at $13.26 billion.

How bad was the Solana reversal?

Bad by the category's short-history standards. Spot Solana ETFs lost $24.8 million, roughly triple the previous record weekly outflow of $8.9 million set in the week ending Feb. 6. It was their first negative week since June 26 and their first-ever five-day outflow streak — the prior record was three days.

The 14-week inflow run they ended was the longest since the products launched in late October 2025. It topped a 13-week streak that began at launch and ran into late January. The reversal lands just two weeks after the funds drew a record $188.2 million in weekly inflows.

Bitwise's BSOL, the largest Solana fund at $1.20 billion in net assets, lost $20.9 million — about 84% of the category's outflows and its worst week on record, topping a $17.0 million outflow in the week ending July 31. Monday's $9.2 million exit was the largest single day. Morgan Stanley's MSOL and Invesco's QSOL were the only gainers, adding a combined $2.0 million.

Spot Solana ETF net assets fell to $1.73 billion from $1.90 billion, down from a record $1.96 billion on Sept. 25. Cumulative net inflows stand at $1.58 billion, including $816.8 million in 2026.

Where do bitcoin funds stand?

Spot bitcoin ETFs shed $681.1 million, snapping a three-week inflow streak in their worst week since June 26, when they lost $1.79 billion. Wednesday drove most of it, with $487.1 million leaving the funds. Friday brought a modest return to inflows at $21.1 million.

Bitcoin ETFs still hold $105.84 billion in net assets with $57.11 billion in cumulative net inflows since launch. But 2026 inflows fell to $494.1 million from $1.18 billion a week earlier — the category had only turned positive for the year in late September.

Ether traded near $2,506 on Saturday morning, with SOL around $110.50 and bitcoin near $82,900. The test now is whether the nine-day ether outflow streak breaks this week, or whether it chases the 17-day record set in May and June.