Ether ETFs Extend Outflow Run to $2.35 Billion Over Seven Weeks

$2.35 billion left US spot Ether ETFs over seven weeks, with BlackRock’s ETHA accounting for most redemptions in the heaviest stretches, according to ETF flow data. The seven-week run ranks among the products’ toughest periods since their July 2024 launch.

The withdrawals have been sharper and more persistent than flows at US spot Bitcoin ETFs, pointing to investors trimming Ether exposure rather than exiting crypto funds wholesale. That divergence makes the outflows read as a judgment on Ether, not a uniform retreat from digital-asset products.

When did the outflows intensify?

• October produced $1.607 billion in net outflows, the largest monthly figure since the products debuted in July 2024.
• Roughly $1.65 billion left during a five-week window that ended in late October.
• Combined outflows on November 11 and 12 approached $700 million, carrying the selling through the month change.

Taken together, the figures show that October supplied most of the selling and November did not immediately reverse it. The seven-week total marks a sustained redemption cycle rather than a single session or short-lived reaction.

How persistent was the selling?

Nine consecutive days of net outflows marked a record for the Ether ETFs. The analysis also identifies a 23-day run of withdrawals during October.

Bitcoin ETFs took a different path over the same period, alternating between inflows and outflows rather than moving in one direction. That contrast is the clearest evidence that capital did not leave the broader crypto fund category uniformly.

Which products drove the withdrawals?

BlackRock’s iShares Ethereum Trust, which trades as ETHA, accounted for 85% to 90% of withdrawals during the heaviest weeks. ETHA alone saw $1.42 billion in net withdrawals in October, accounting for most of the category’s $1.607 billion monthly outflow.

Fidelity’s FETH moved the other way, recording modest inflows in October while the broader category saw redemptions. The divergence shows that the category total cannot stand in for demand for every listed Ether product.

For fund sponsors, the concentration makes aggregate flows highly sensitive to one trust’s redemption activity even when another product attracts subscriptions. That makes issuer-level and product-level data more useful than the category headline alone.

What changed after the August and September inflows?

The spot Ether ETFs had welcomed positive inflows in August and September. October’s selling effectively reversed that run, and redemptions continued after the month change.

Ether itself traded within a $2,000 to $2,400 range during the outflow period. The persistence of withdrawals in that range, and their greater intensity than at Bitcoin ETFs, supports an Ether-specific reduction in exposure rather than a broad flight from crypto funds.

What does the cumulative inflow figure show?

Even after seven weeks of withdrawals, cumulative net inflows since the July 2024 launch stood at approximately $11.59 billion as of mid-November 2026. That figure tracks the net capital added across the products’ lifetime; it does not mean that amount remains in the funds today.

Net assets are a separate measure and reflect what remains after withdrawals and changes in Ether’s price. Investors can therefore see a positive lifetime inflow total at the same time that recent flows turn negative.

The next full monthly flow reading will test whether BlackRock-led redemptions and Fidelity’s relative resilience have become a durable product split or a temporary divergence.