U.S. spot Ethereum exchange-traded funds (ETFs) recorded a net outflow of $140 million on November 2, marking the sixth consecutive trading day of redemptions, according to SoSoValue data reported by KuCoin. BlackRock’s iShares Ethereum Trust (ETHA) accounted for $138 million of the total, while its staked Ether product ETHB added another $4.6 million in withdrawals.
BlackRock Fund Accounts For 98.6% of the Day’s Ether Outflows
ETHA accounted for 98.6% of the day’s net Ether ETF outflow, a level of concentration that points to institutional repositioning rather than broad-based retail selling. Despite the withdrawals, ETHA’s cumulative net inflow since inception stands at $11.73 billion, according to SoSoValue.
Morgan Stanley’s MSSE was the only Ether fund to post a positive flow on the day, taking in $3.15 million and bringing its cumulative total to $48.24 million. Products from Grayscale, Fidelity, Bitwise, VanEck, Franklin, 21Shares, and Invesco all recorded zero net flows, according to Trader T data cited by KuCoin.
Total net assets in spot Ethereum ETFs stood at $13.183 billion as of the close, with a net asset ratio of 4.8% relative to Ethereum’s total market capitalization, and cumulative historical net inflows reached $12.148 billion.
Record $1.61 Billion October Set the Stage
The six-day streak follows a record outflow month. Ethereum ETFs posted net redemptions of $1.61 billion in October, their largest monthly outflow on record, according to Crypto Briefing. CryptoTicker reported that ETHA alone shed 580,145 ETH, worth approximately $1.3 billion, within a month, according to Lookonchain data cited by CryptoTicker.
The October total dwarfs the $140 million daily figure, but the continuation into November signals that the selling pressure has not yet exhausted itself. Ether held near $2,250 at the time of publication.
Bitcoin ETFs Shed $399 Million in the Same Session
The outflows extended across the crypto ETF category. Spot Bitcoin ETFs shed approximately $398.6 million on November 2, according to Crypto Briefing, bringing the combined crypto ETF outflow for the session to roughly $539 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the Bitcoin exits. Fidelity’s FBTC was a notable exception, posting a $6.68 million inflow.
Binance Hack Fallout Clouds Whether Outflows are Temporary
The streak coincides with the fallout from the $6.3 billion Binance hack on October 29. Bitcoin and Ether ETF outflows also occurred during that week. Whether the redemptions reflect short-term risk reduction tied to the hack or a deeper reallocation away from Ether remains the open question for the sector.
The $140 million outflow represents just over 1% of the $13.2 billion in Ether ETF assets, according to Crypto Briefing, which is proportionally heavier than the Bitcoin equivalent relative to its larger asset base.
Reversal Hinges on ETHA and a Macro Catalyst
A reversal would likely require either a macro catalyst or a visible shift in ETHA flows, given the fund’s dominance in the daily figures. The next data point lands after the November 3 session, when investors will also be digesting Monday’s earnings from Apple and Palantir.
