U.S. Ethereum ETF Outflows Hit $1.32M as Assets Reach $11.64B

By Nathan Brooks

U.S. spot Ethereum ETFs posted $1.32 million in net outflows on November 10, 2026, according to SoSoValue data, leaving the products with $11.64 billion in total net assets.

The Nov. 10 result extended withdrawals to a fourth consecutive trading session, a run that began Nov. 5. The latest outflow was about 99% below the $184.51 million recorded Nov. 9, when the market registered substantial net redemptions.

The Nov. 10 outflow equaled roughly 0.01% of the category’s net assets. SoSoValue also reported $11.74 billion in cumulative net inflows. The measures serve different purposes: cumulative net inflows summarize the net flow recorded over the period, while total net assets measure the current asset base.

BlackRock’s ETHB was the only fund to attract net inflows, taking in $1.05 million. Grayscale’s ETH recorded $1.96 million in net outflows, followed by $0.41 million from 21Shares’ TETH. Together, those withdrawals totaled $2.37 million and exceeded the inflow into ETHB.

That composition left the category with a net loss despite one positive product. For issuers, the relevant fact extends beyond the category headline: ETHB attracted demand, while Grayscale ETH and 21Shares TETH saw redemptions.

Trading activity was substantially larger than the net flow. Total trading volume reached $712.56 million. BlackRock’s ETHA led with $547.36 million, followed by Grayscale’s ETH at $68.62 million and Fidelity’s FETH at $40.79 million.

ETHA accounted for roughly 77% of reported volume, and those three funds together represented about 92%. The data therefore show a trading market centered on ETHA, with secondary-market activity in Grayscale ETH and Fidelity FETH accounting for a much smaller share.

Assets were similarly concentrated. BlackRock’s ETHA held $5.91 billion, followed by Grayscale’s ETH at $1.86 billion and Grayscale’s ETHE at $1.40 billion. ETHA represented about 51% of category assets, while the two Grayscale funds together held roughly 28%.

The full $11.64 billion asset pool was equivalent to 4.63% of Ethereum’s market capitalization. That ratio frames the ETF category as a measurable allocation channel without making it the dominant holder of Ethereum assets.

What does the outflow streak change for investors and market structure?

For investors, the practical change is limited to the scale of the latest redemption signal, not a breakdown in trading activity. The $1.32 million net outflow was about 0.19% of the $712.56 million traded and only about 0.01% of net assets. The four-session direction remained negative, but the latest pace was roughly two orders of magnitude below Nov. 9.

For issuers and market makers, concentration is the more consequential operating fact. ETHA accounted for about 77% of volume and 51% of assets, leaving trading activity and asset exposure centered in BlackRock’s product. Other issuers therefore compete within a smaller active flow pool when the category is in net redemption, increasing the importance of product-level demand.

Investors should also separate the streak from its magnitude. SoSoValue recorded four sessions of net withdrawals, but the latest figure did not approach Nov. 9’s $184.51 million. The practical distinction is between a continuing pattern of modest outflows and a renewed high-volume redemption event.

The next session’s flow print is the near-term market-structure checkpoint: a continuation near Nov. 10’s $1.32 million would preserve the redemption streak without altering the concentration picture, while a return toward $184.51 million would materially change the flow narrative and issuer-level flow mix.