$432 Million Withdrawn from Ethereum ETF in a Week, $203 Million from Bitcoin ETF

Spot cryptocurrency ETFs in the US had a tough week: $203 million was withdrawn from Bitcoin ETFs, and $432 million from Ethereum ETFs. The Ethereum figure is more significant: its funds lost more than twice as much as Bitcoin funds, even though Bitcoin products are significantly larger.

For Bitcoin ETFs, October outflows approached $516 million – the amount was spread over a month of uneven trading rather than concentrated on a single drop. For Ethereum ETFs, October was worse: outflows exceeded $1.6 billion. Combined monthly outflows for both classes exceeded $1 billion.

The most telling detail is the series. Ethereum ETFs had up to 23 consecutive trading days with outflows in October, the longest such series for these products. Bitcoin ETF flows, on the other hand, were mixed: money flowed in and out rather than moving in one direction.

Since their launch, the picture is as follows: spot Bitcoin ETFs appeared in January 2024 and attracted about $57 billion in net inflows, with their assets currently around $98–99 billion. Ethereum ETFs launched in July 2024 and gathered about $12–14 billion in total inflows.

The largest products in the category are managed by BlackRock and Fidelity: their funds often set the direction for daily flows, so a change in demand from any of these issuers can quickly impact the overall result. The mechanics are simple: a spot ETF holds actual Bitcoin or Ether, and with net redemption of shares, the fund's holdings decrease, while flow data shows whether money is coming in or going out.