U.S.-listed spot Ethereum ETFs recorded net redemptions of about $320.1 million during the Oct. 12 to Oct. 16 trading week, exceeding the $228.4 million withdrawn from spot Bitcoin ETFs over the same five sessions, according to daily flow data published by Farside Investors. The gap was more pronounced relative to the size of each market: Ethereum’s weekly outflow represented roughly 2.1% of the group’s $14.946 billion in net assets, compared with about 0.2% of Bitcoin ETFs’ $104.290 billion asset base.
The Ethereum withdrawal was heavily concentrated in BlackRock’s iShares Ethereum Trust, ETHA, which posted approximately $299 million in net outflows across the week. That amounted to more than 90% of all redemptions from the U.S. spot Ethereum ETF category, leaving the broader group’s result dependent largely on activity in a single product.
Farside’s figures track daily net creations and redemptions of ETF shares, rather than changes in fund assets caused by cryptocurrency price movements. That distinction matters in a week when Ether’s market price also declined, reducing the dollar value of assets held by the funds independently of shareholder redemptions.
ETHA accounted for nearly all of Ethereum ETF withdrawals
ETHA recorded daily outflows of $75.1 million on Oct. 12, $109.8 million on Oct. 14, $44.4 million on Oct. 15, and $69.7 million on Oct. 16, according to Farside. The fund did not register a reported net inflow during those sessions.
Other Ethereum products showed smaller and more mixed movements. Fidelity’s Ethereum Fund, FETH, attracted $8.1 million on Oct. 13 and another $2.4 million on Oct. 15. Grayscale Ethereum Trust, ETHE, recorded an $18.3 million outflow on Oct. 15. Grayscale’s Ethereum Mini Trust posted a $10.3 million withdrawal on Oct. 12, followed by a $16.7 million inflow the next day and an $18.8 million outflow on Oct. 14.
Across the entire Ethereum ETF group, daily flows were negative on four of the five trading days:
- Oct. 12: $85.4 million outflow
- Oct. 13: $24.8 million inflow
- Oct. 14: $129.5 million outflow
- Oct. 15: $60.3 million outflow
- Oct. 16: $69.7 million outflow
Oct. 13 was the only day of net inflows for spot Ethereum ETFs between Oct. 1 and Oct. 16, based on Farside’s daily series. By the end of the cited period, Ethereum products had accumulated $954.8 million in net outflows for the month, equal to about 6.4% of their Oct. 16 asset base.
The scale of those withdrawals reflects the smaller size of Ethereum’s ETF market rather than a larger absolute dollar exit than Bitcoin. Spot Ethereum ETFs held assets equal to 5.07% of Ether’s market capitalization as of Oct. 16, according to figures cited from SoSoValue, while Bitcoin ETFs represented 6.35% of Bitcoin’s market capitalization. With a smaller pool of assets, large share redemptions in one leading fund have a greater effect on the category’s weekly flow rate.
Bitcoin products saw a sharper midweek swing
Spot Bitcoin ETFs followed a less uniform daily pattern. The group began the week with a $65.4 million outflow on Oct. 12, then drew $175.7 million in net inflows on Oct. 13 before reversing sharply with $261.4 million in redemptions on Oct. 14. Products added $5.1 million on Oct. 15 and lost another $82.4 million on Oct. 16.
BlackRock’s iShares Bitcoin Trust, IBIT, accounted for $165.4 million of the group’s weekly outflows, or roughly 70% of the category total. Fidelity Wise Origin Bitcoin Fund, FBTC, recorded $60.2 million in net redemptions over the five sessions, including a $152.7 million withdrawal on Oct. 14. Bitwise Bitcoin ETF, BITB, was among the exceptions, posting a modest $2.2 million net inflow for the week.
Bitcoin’s larger ETF asset base softened the proportional effect of the withdrawals. Even though the Bitcoin group saw significant day-to-day changes, its $228.4 million weekly outflow was relatively small against more than $104 billion in reported net assets. Ethereum’s $320.1 million outflow, by comparison, removed a materially larger share of a market worth less than $15 billion.
Falling prices also reduced reported fund assets
ETF net asset figures can decline for two separate reasons: traders can redeem fund shares, and the underlying cryptocurrency can lose value. Both forces were present during the period covered by the flow data.
Ether fell 3.6% in the week ending Oct. 18, while Bitcoin declined 1.4%, according to the market-price figures cited with the fund data. Applied to the $14.946 billion asset base reported for Ethereum ETFs on Oct. 16, a 3.6% decline would equate to roughly $540 million in lower asset value from price movement alone. That estimated price effect was larger than the week’s $320.1 million in net redemptions.
Ether was quoted near $2,343.76 in the referenced market data, down 3.14% over 24 hours, with a market capitalization of about $286.3 billion. Bitcoin was listed near $82,918, up 1.01% over 24 hours, and had a market capitalization near $1.67 trillion.
Ether’s longer performance record remained uneven. The same dataset showed Ether down 18.4% year to date as of Oct. 17, despite a 29.3% gain over the prior 90 days. Its one-month performance was a 1.1% decline.
Cumulative ETF demand remains positive
Despite the mid-October retreat, cumulative net flows since launch remained positive for both categories. Farside’s running totals showed approximately $12.968 billion in cumulative net inflows for U.S. spot Ethereum ETFs and about $56.949 billion for U.S. spot Bitcoin ETFs.
The week’s figures show that ETF selling pressure was concentrated rather than evenly distributed across issuers. ETHA’s role in Ethereum’s withdrawal total and IBIT’s role in Bitcoin’s outflows put BlackRock’s two products at the center of the period’s headline flow movements, while several rival funds recorded limited inflows or smaller redemptions.
For Ether, the combination of concentrated ETF redemptions and a weaker spot price created a sharper percentage decline in the reported ETF complex than Bitcoin experienced. Whether that pattern persists will depend less on a single week’s totals than on whether inflows return across multiple Ethereum products rather than remaining confined to isolated funds.
To grasp how ETF flows shape crypto trends, explore our guide on ETFs and how they work today.
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