US Spot Ethereum ETFs Bleed $184.6 Million in Third Straight Day of Outflows

US spot Ethereum ETFs recorded $184.6 million in total net outflows on November 9, extending a losing streak to a third consecutive trading day, according to Farside Investors data cited on November 10. The figure marks the sharpest single-day withdrawal across the current stretch and signals sustained institutional retrenchment from the largest Ether-based exchange-traded products in the US market.

BlackRock's iShares Ethereum Trust (ETHA) bore the brunt of the selling. The fund, the largest Ethereum ETF by assets, saw $119.3 million exit in a single session — roughly 65% of the day's total outflows across the entire product category. A second BlackRock product, ETHB, lost an additional $20.8 million.

Fidelity's FETH posted net outflows of $19.1 million. Grayscale's two Ethereum vehicles also bled assets: the Ethereum Mini Trust (ETH) recorded $25 million in net outflows, while TETH shed $2 million.

One outlier broke the pattern. MSSE, the Morgan Stanley-linked Ethereum fund, posted net inflows of $1.6 million — a marginal figure against the day's headline number, but the only product in the category to attract fresh capital on November 9. All remaining Ethereum ETFs in the US lineup recorded no net flows.

What does the flow reversal change for fund issuers?

For practitioners, the operational question is straightforward: three consecutive days of net redemptions at the largest products tighten the creation-and-redemption mechanics that authorized participants use to balance ETF share supply against underlying Ether holdings. When redemptions dominate, issuers must liquidate the corresponding ETH — meaning on-chain transfers from custodial wallets to exchange venues tend to rise in the sessions that follow.

The concentration in BlackRock's ETHA also matters structurally. When nearly two-thirds of category-wide outflows come from a single fund, the redemption pressure lands on one custodial stack rather than being distributed across the market. For market makers and arbitrage desks that quote these products, that concentration narrows the margin of error on intraday tracking and can widen secondary-market spreads during high-volume redemption windows.

For context, the $184.6 million single-day figure represents the combined drawdown from eight separate products across four issuers — BlackRock, Fidelity, Grayscale and Morgan Stanley — meaning the average affected fund lost roughly $23 million in one session. The lone inflow at MSSE, at $1.6 million, covered barely 1% of the day's gross redemptions.

How long the outflow window runs

Farside's daily flow data remains the reference point market participants use to track whether the redemptions are a brief pause in allocation or the start of a sustained rotation. A fourth consecutive day of net outflows would mark the longest losing streak for the category in recent weeks and would likely pressure issuers to address redemption capacity publicly.

The next set of flow figures, due with Farside's update following the next trading session, will determine whether MSSE's modest inflow was noise or the first sign of divergence among issuers — and whether BlackRock's ETHA continues to absorb the majority of the category's redemption pressure.