Ether ETFs Post a $365 Million Outflow for a Sixth Straight Week, and BlackRock's Two Funds Took Out More Than All of It

Where the $365 million went

The fund rows come from the SoSoValue figures in the two reports above. The "all other funds" row is what is left after subtracting the named funds, and because the headline figures are rounded to the nearest million, treat its weekly number as approximate.

The last column matters more than the weekly flow. ETHA's $11.52 billion is 96.6% of the $11.92 billion that has ever entered these products on a net basis. Add ETHB and FETH and the three funds hold $14.75 billion of net inflow, which means every other fund combined is about $2.83 billion in the red since launch. When ETHA sells, there is no second large buyer in this table big enough to absorb it. FETH's $15.34 million was the week's largest inflow, equal to 4.4% of what ETHA lost.

Total net assets stood at $12.84 billion at press time, or 4.71% of Ether's market value. On November 5, Odaily's daily report had those figures at $13.04 billion and 4.74%.

The same seller showed up in Bitcoin

BlackRock's weight was the week's pattern in both assets. PANews reports that spot Bitcoin ETFs lost $1.282 billion over the same five days, with $1.209 billion leaving IBIT. That is 94.3% of the Bitcoin net outflow. ETHA alone was 94.8% of the Ether one. Wu Blockchain's post carries the same totals and the sixth-week count.

Fidelity took money in on both sides. FBTC gained $93.12 million, the largest Bitcoin inflow, and FETH gained $15.34 million. Grayscale's GBTC lost $61.01 million.

Other crypto ETF groups lost money too, in the SoSoValue figures for the same five days. Sized against each group's net assets, Ether's outflow was about twice Bitcoin's.

The SOL row comes from PANews. The HYPE row comes from a second PANews report. The XRP row comes from Odaily. Net assets are press-time figures.

These reports give no reason for the redemptions. A share redemption at ETHA can reflect a long-term holder leaving, or a hedge fund closing a trade that paired the ETF against futures, and the flow data cannot tell those apart.

The week by day

Odaily and PANews also published the last two days separately, so the first three days can be worked out by subtraction.

ETHB's only reported gain of the week was on the last day, and it was small. About 53% of the weekly outflow came on the final two days, Thursday and Friday: $193.16 million of $365 million.

Two earlier weeks give a sense of scale. Our October 18 report recorded Farside Investors' figures of $542.2 million and $320.1 million for the weeks of October 5 and October 12. Those are a different data provider from SoSoValue, so we are not adding them to this week's total as if they were one series.

ETH during the streak

Counting six weeks back from November 2 puts the first week at September 28. That start date is our count from the reports, and they do not state it. Binance ETHUSDT perpetual candles for those weeks, each running Monday to Sunday UTC:

From the September 28 open to the November 8 close, ETH fell 20.9%. Falling prices and leaving ETF money moved together, but that table alone cannot show which one drove the other. For size, $365 million is about 171,700 ETH at the $2,126.27 weekly close.

The fall sharpened this morning. We reported the slide below $2,100, when ETH dropped from $2,222 to $2,063 on OKX in eleven minutes before 05:55 SGT. The Binance perpetual's 24-hour low is $2,050.32.

What perpetual traders did

Binance's open interest history shows positions shrinking. ETHUSDT open interest was 2,385,895 ETH ($5.34 billion) at 00:00 UTC on November 7 and 2,279,803 ETH ($4.85 billion) at 00:00 UTC on November 9. That is a 4.4% fall in ETH terms over two days.

Funding flipped as well. Over the 21 settlements from November 2 to November 9, Binance's rate added up to 0.127%, so a $10,000 long paid about $12.70 for the week. The latest settlement, at 00:00 UTC today, was -0.0083%.

At these rates shorts pay longs. The amounts are small, and they reset every period. You can compare current numbers on our funding rates page, and see how much was wiped out in the last few hours on our liquidations page.

What to do before Tuesday's CPI

Odaily's calendar has US October CPI at 21:30 SGT on Tuesday, November 10, and PPI at 21:30 SGT on Friday, November 13.

1. If you hold spot ETH on an exchange, a falling ETF number does not change your position's mechanics. Decide your exit price in advance and place it as an order before 21:30 SGT.
2. If you hold a perpetual, measure your margin against the range you just saw. The 24-hour range of $2,050.32 to $2,245.31 is about 9.5%. A 10x position posts 10% initial margin, so that one range is close to all of it before fees and funding.
3. Read Tuesday's daily flow figure. The last two daily tallies appeared around 13:00 SGT. An ETHA number close to zero or positive would be the first sign the selling has paused, and a seventh week would need the full five days to confirm.

Fees are the one cost you control. On Bitget, with code nexu888 and per our partner data, a $10,000 ETH perpetual trade at the 0.06% taker rate costs $6, and 60% of that, $3.60, comes back with daily settlement. On OKX, the same trade at 0.05% costs $5, with 20%, or $1, back and hourly settlement, using the same code. The rate tables are on our Bitget page and OKX page.

Quick answers

Does a sixth week of outflows mean ETH must fall further?

No. The data records what fund holders did last week. It says nothing about what they or anyone else will do next.

Why do the fund numbers add up to more than the total?

Because other funds took money in. ETHA and ETHB lost $393.85 million while FETH and the others gained about $28.85 million, leaving $365 million.

Is my ETHA share affected by the outflow?

Redemptions shrink a fund's assets. BlackRock's fund still has $11.52 billion in cumulative net inflow, and your share still tracks ETH, so the price move is what changes your balance.

What we could not confirm

We could not read SoSoValue's table directly, and Farside's page returned a block to our request, so the weekly figures here rest on PANews, Odaily and Wu Blockchain citing SoSoValue. We did not obtain each of the six weekly totals from one provider. None of the reports names who redeemed or why. We also found no statement from BlackRock on these flows.