Spot Ether ETFs post a $93.19 million net outflow, with BlackRock's ETHA taking $90.76 million

How the $93.19 million breaks down

Only two funds appear by name in the reports. The third row is our arithmetic.

The remainder works out as $93.19 million minus $90.76 million plus $1.15 million. It is a net number and does not show that every other fund lost money. Odaily puts total net assets at $12.841 billion and says those assets equal 4.71% of Ether's market value. The day's outflow is about 0.73% of that $12.841 billion.

Two sessions, $193 million out

The November 5 report lets us set the two days side by side. Both come from SoSoValue through Odaily.

Together the two sessions took out $193.16 million, and ETHA's part was $165.96 million, or 85.9%. ETHB went from a $21.99 million outflow to a small inflow, which left ETHA carrying almost the whole of Friday's number.

ETHA's own page points to about 40,700 ETH

BlackRock's ETHA product page gives what the flow reports leave out. As of November 6 it lists net assets of $6.644 billion, a net asset value of $50.42 per share, down 0.77% on the day, 131,773,284 shares outstanding and a basket of 40,000 shares holding 904.77 ETH. The sponsor fee is 0.25%.

Here is what that does to the $90.76 million:

• $90.76 million ÷ $50.42 is about 1.80 million shares.
• 1.80 million ÷ 40,000 is 45.00 baskets. Forty-five whole baskets at that value come to $90.756 million, within about $5,300 of the reported number.
• 45 × 904.77 ETH is about 40,715 ETH.
• $90.76 million is about 1.37% of ETHA's net assets. ETHA itself is about 51.7% of the $12.841 billion group total.

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The clean 45 is our inference from public numbers. BlackRock's page does not publish daily redemptions, and it says its shares-outstanding figure reflects the prior day's position, so this count may not be in that number yet. The page also does not say whether any ether reached the open market.

If all 40,715 ETH had been sold, that would be about 21.5% of the 188,994 ETH Binance spot traded in the 24 hours to 14:40 SGT. Against the same window it would be about 9.0% of Bitget's 452,876 ETH perpetual volume and 2.3% of OKX's 1,739,692 ETH. Those windows do not line up with the ETF session, so read this for scale and not as evidence of selling.

The fund's own trading gives another yardstick. ETHA traded 17,007,976 shares on November 5, about 66% above its 30-day average of 10,243,331. A redemption of 1.80 million shares equals about 10.6% of that day's volume. We use November 5 because BlackRock had not posted November 6 volume when we read the page. The November 6 NAV of $50.42 sits inside a 52-week range of $35.24 to $80.96, and the page shows a NAV total return of -24.40% for the year through November 5.

BlackRock leads the Bitcoin number too

The Bitcoin report for the same day has the same shape. PANews put the total spot Bitcoin ETF outflow at $412 million, with IBIT at -$403 million and Fidelity's FBTC at +$42.82 million. Total net assets stood at $95.897 billion, or 6.28% of Bitcoin's market value, with $55.699 billion of cumulative net inflow.

Add the two products and BlackRock's two funds lost $493.76 million, equal to 97.7% of the combined $505.19 million net outflow. That follows Thursday's Bitcoin print, when FBTC led the $430 million outflow and IBIT came second. None of these reports names the investors or gives a reason for leaving.

ETH's price and perpetuals did not follow the ETF number

Friday's outflow came on a flat day after a violent week. Binance spot daily candles show ETH up 6.59% on November 4, to 2,424.61 USDT, then down 7.70% on November 5, to 2,238.01 USDT. November 6 closed up 0.03%. At 14:40 SGT on November 7, ETH traded at 2,246.78 USDT, up 0.68% in 24 hours.

Equities were similar. According to ChainCatcher, the S&P 500 closed November 6 up 0.3%, the Nasdaq up 1.1% and the Dow down 0.5%, after a large fall on November 5. The same day brought a stronger U.S. jobs print, covered in our report on 165,000 payrolls and December rate-hike odds. The sources we opened do not link any of this to ETHA's redemptions. ChainCatcher's brief also put the crypto Fear and Greed index at 27, down 24 points from its previous reading.

Our own data shows perpetual traders staying put. Funding stayed slightly positive across the three venues below at 14:40 SGT, and our feed shows ETHUSDT open interest at $5.36 billion, up 2.92% in 24 hours. That reads as derivatives positions holding while ETF money left. It is our interpretation of one snapshot, and it describes this weekend rather than a trend.

Today's rates are small, but they have room to move. Bitget's API caps ETH funding at 0.30% either way for an 8-hour period and OKX's at 0.75%. On $10,000 that is a ceiling of $30 and $75 per period, against 31 and 34 cents now, so budget a weekend long for more than today's number. OKX also reported $1.54 billion of open interest on ETH-USDT-SWAP in the same snapshot.

Liquidations were not dramatic either. In the 24 hours to 14:40 SGT we observed $22.56 million of ETH liquidations, $15.05 million on Binance and $7.51 million on OKX. That is 20.5% of the $109.92 million total across all coins on those two venues.

What to check this weekend

Start with the date. This is Friday's U.S. session, published early on Saturday afternoon in Asia. No new ETF flow can print until after Monday's session, and these reports have reached us around 13:00 SGT the following day, so expect the next one on Tuesday, November 10 SGT.

If you hold ETHA or another ETF, nothing about your share count changes because other holders redeemed. Your two numbers are the net asset value and the price you can trade at. ETHA's page showed a 0.08% discount on November 5 and a 30-day median spread of 0.02%. The outflow figure does not tell you which way either goes on Monday.

If you hold an ETH perpetual, size your margin against the move that already happened. A 7.70% fall like November 5 takes 77% of the margin on a 10x position before fees and funding, because 7.70% × 10 = 77%. Then check your funding at each interval on the venue you use, since a weekend position pays or collects it while the ETF market is closed.

If you are placing a new perpetual trade, the fee is a number you can fix today. On $10,000 at the taker rates in our partner registry:

To get the Bitget row, sign up through our Bitget page with code nexu888, settled daily. The OKX page uses code nexu888, settled hourly. Each figure is one trade's fee, so a round trip costs and returns twice that.

What we could not confirm

We could not open SoSoValue or Farside, which both returned 403, so the flow figures rest on two reports of a single dataset. BlackRock's ETHB page also returned 403 at the address we tried. We do not know who redeemed or why, whether the redemptions settled in cash or in kind, or whether 45 baskets is the real count.

Quick answers

How much did spot Ether ETFs lose on November 6?

A net $93.19 million, per SoSoValue data reported by PANews and Odaily. ETHA lost $90.76 million and ETHB gained $1.15 million.

Did ETH fall because of the outflow?

The numbers do not show that. ETH closed November 6 up 0.03% on Binance spot. The big fall, 7.70%, was the day before.

How much ETH does the ETHA outflow represent?

About 40,715 ETH by our arithmetic from BlackRock's basket data. That is our estimate of the fund-level equivalent, and it does not show that this much ETH was sold.