Capital continues to drain from the US spot Ethereum exchange-traded fund (ETF) market. According to data compiled by Farside Investors, US spot Ethereum ETFs recorded a combined $184.6 million (approximately ₩250 billion) in net outflows on the 9th (local time). It was the third straight day of net outflows, extending the exodus seen over the prior two sessions into this week.
BlackRock products drove the latest withdrawals. The iShares Ethereum Trust (ETHA) alone shed $119.3 million (approximately ₩160 billion), accounting for more than half of the total net outflows. The same manager's ETHB also lost $20.8 million (approximately ₩28 billion). Fidelity's FETH saw $19.1 million (approximately ₩26 billion) in net outflows, while Grayscale's Ethereum Mini Trust (ETH) and TETH bled $25 million (approximately ₩34 billion) and $2 million (approximately ₩2.7 billion), respectively.
There was a modest counterflow. MSSE attracted $1.6 million (approximately ₩2.2 billion) in net inflows. The remaining products saw no inflows or outflows. In short, outflows were concentrated in products from the largest managers, while a small amount of money flowed into a smaller product.
Note: Minus indicates net outflow, plus indicates net inflow. KRW equivalents are based on the exchange rates provided in advance.
The weakness in Ethereum ETFs is intertwined with a broad risk-off trend that is also evident in Bitcoin products. During the first week of November (Nov. 2–6), US spot Bitcoin ETFs recorded $1.28 billion (approximately ₩1.7 trillion) in net outflows. That was the largest weekly outflow since late June, and only one day in the period—the 4th—posted net inflows. The year-to-date cumulative balance swung to a net outflow of about $914.1 million (approximately ₩1.2 trillion), surrendering all the inflows accumulated since late September.
Among Bitcoin ETFs, BlackRock's IBIT accounted for the bulk of the outflows, losing $1.2095 billion (approximately ₩1.6 trillion) over the week. On the 6th alone, $403 million (approximately ₩540 billion) exited, equal to roughly 88% of that day's total outflows. Grayscale's GBTC also shed $61 million (approximately ₩82 billion). Fidelity's FBTC, by contrast, held onto $93.1 million (approximately ₩1.3 trillion) in net inflows over the same period. Ethereum ETFs saw $365.3 million (approximately ₩490 billion) in outflows that week, logging a sixth consecutive week in the red, while Solana (SOL) and Hyperliquid (HYPE) ETFs each posted their longest streak of outflows since listing at five straight weeks.
Market participants point to the spread of selling across equities and digital assets after Democrats swept both the Senate and House in the US midterm elections held on the 3rd. Adding to the pressure was mounting skepticism about artificial intelligence (AI) investment. Bitcoin was trading around $75,600 on the morning of the 9th.
The latest flight shows that investor sentiment toward digital assets has frozen over in the near term. ETF inflows have long served as a key driver of crypto price gains, so a prolonged outflow could intensify downward pressure on major tokens, including Ethereum. That said, with money still flowing into select products such as Fidelity's FBTC, the situation can also be read as investors picking winners by product and manager rather than pulling out of the market altogether.
