US spot Ethereum ETFs lost about $118 million in three days, ending a seven-day inflow run, as Ethereum went flat near $2,680 while Bitcoin edged higher.
Key Facts
US spot Ethereum ETFs recorded about $117.8 million in net outflows from Sept. 29 to Oct. 1, ending a seven-day streak that brought in $850.6 million.
Ethereum fund holdings rose about 23% to 24% after July, and a CryptoQuant contributor says renewed redemptions would weaken that support for the price.
The outflows equal about a seventh of the prior streak's inflows, and a larger mid-September outflow reversed the following day.
Investors pulled about $118 million from US spot Ethereum (ETH) ETFs over three trading days through Thursday, ending a seven-day run of inflows. Those funds were the buyers that carried Ethereum past Bitcoin (BTC) last quarter.
Ethereum's price went flat as the selling hit. It traded at $2,678 as of 2:28 p.m. ET, down 0.9% over 24 hours and little changed over the week, while Bitcoin edged higher. Rising fund holdings had been supporting Ether's recovery, and renewed redemptions would weaken that support, CryptoQuant contributor MorenoDV_ wrote on Thursday.
Long-held coins also moved this week, though few reached exchanges.
"Old coins woke up. Exchange balances did not," blockchain analytics firm Santiment wrote on X on Friday.
Why Did Ethereum Go Flat? Fund Buyers Turned Sellers
Fidelity's Ethereum fund accounted for about half of the outflows, Farside Investors data show. Grayscale's two funds made up most of the rest.
BlackRock's ETHA, the largest, recorded no flows on Wednesday or Thursday.
A net outflow means investors redeemed more shares than they bought, and the fund shrinks its Ethereum holdings to match.
Bitcoin funds took in a small net amount over the same three days. They had erased their 2026 deficit in September.
How Big Were the Outflows? Small Next to Mid-September's
The three days of selling equal about a seventh of what the funds drew in the seven sessions before. Outflows from Sept. 15 to 17 were more than three times as large, and the funds returned to inflows the next day.
The fund buying has also been larger for Ethereum than for Bitcoin. Funds tracked by CryptoQuant have added more than 1 million ETH since July, about a quarter more than they held then, MorenoDV_ found. Bitcoin fund holdings grew far more slowly.
Are Long-Held Coins Being Sold? Few Have Reached Exchanges
Santiment's age-consumed measure, which weights each coin moved by how long it sat idle, reached about nine times its September weekday average on Wednesday. The reading was the highest since early June.
Exchange balances rose that day and fell by slightly more the next, Santiment said. Past spikes this size have lined up with wallet reshuffles, not only with holders selling, the firm added.
The queue to leave Ethereum staking also reached a nine-month high, CryptoSlate reported. MetaMask's staking unit began pulling out after a security incident.
"As a precaution, we are proactively exiting affected validators within our non-custodial staking operations," MetaMask said on Sept. 30.
Ethereum waiting to enter staking still outnumbers Ethereum waiting to leave by almost two to one, validatorqueue.com data show.
What Would Confirm a Recovery? Fund Holdings Retaking Their Peak
Ethereum fund holdings were approaching their October 2025 peak before this week, by MorenoDV_'s count. Reclaiming that high would strengthen the recovery case, the analyst wrote.
Futures traders are adding little. Ethereum open interest edged up over 24 hours with the price little changed, and funding rates held near neutral, CoinGlass data show.
Glassnode research reads price and open interest rising together as traders adding leveraged bets, a pattern it often finds near froth.
Corporate buying is also continuing. Bitmine Immersion Technologies bought Ethereum again in the week to Sept. 27, as it has every week since June 2025, and holds nearly 5% of supply, the company disclosed.
The funds drew more than $120 million a day on average during last week's streak. One such session would erase all three days of outflows.
"Growing balances can help absorb available supply, but sustainable upside requires that absorption to persist against selling elsewhere," MorenoDV_ wrote.
Further Reading: Bitcoin Price Tops $87K on Jobs Report, Slips as Yields Rebound
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