BlackRock

Grayscale

Ethereum

Bitcoin

<p>US crypto ETFs shed a net $610.7 million in the week of October 12 to 16, 2026. Most of that came from the Ethereum funds rather than the Bitcoin funds: $320.1 million flowed out of them, and $299 million of that came from a single product, BlackRock's iShares Ethereum Trust. That is 93.4 percent of the entire Ethereum outflow from one fund.</p>
<p>That distribution is the real finding of the week. A number like „$320 million in outflows“ sounds like a broad retreat by many investors. When 93 percent of it comes from one product, the picture changes: a single large position moved, while the market as a whole stayed put. If you hold crypto in Germany, that changes how you read the number, and it changes nothing about the fact that these funds help set the price you pay when you buy.</p>
<h2 id="the-week-in-numbers-610-7-million-out-of-five-fund-groups">The week in numbers: $610.7 million out of five fund groups</h2>
<p>The basis is the daily data from Farside Investors, which <a href="https://crypto.news/crypto-etfs-weekly-outflows-ethereum-bitcoin/" rel="noopener noreferrer nofollow">crypto.news aggregated for the five fund groups it tracks</a>. Across the five trading days of the week, the net outflow came to $610.7 million. In the previous week, October 5 to 9, the figure had been $1.2863 billion. Weekly outflows have therefore roughly halved, down 52.5 percent to be precise.</p>
<p>That is the first point the headline swallows: in absolute terms the week was considerably calmer than the one before it. Anyone who sees only the $610.7 million reads October as an escalation. The outflow has in fact weakened.</p>
<h2 id="ethereum-etfs-320-1-million-out-299-million-of-it-from-one-fund">Ethereum ETFs: $320.1 million out, $299 million of it from one fund</h2>
<p>Net outflows from the Ethereum funds added up to $320.1 million. <a href="https://cryptoticker.io/en/prediction/ethereum-price-prediction/" rel="noopener noreferrer nofollow">Ethereum</a> traded at around $2,422 on Sunday morning, some 3.6 percent lower over seven days.</p>
<p>The breakdown by provider is unusually lopsided:</p>
<ul>
 <li>BlackRock, iShares Ethereum Trust (ETHA): $299 million out</li>
 <li>Grayscale Ethereum Trust (ETHE): $18.3 million out</li>
 <li>Grayscale Ethereum Mini Trust: $12.4 million out</li>
 <li>Franklin Templeton (EZET): $0.9 million out</li>
 <li>Fidelity (FETH): $10.5 million in</li>
</ul>
<h3 id="what-the-numbers-from-the-other-providers-show">What the numbers from the other providers show</h3>
<p>Strip out BlackRock and around $21 million in net outflows remain across all the other Ethereum funds combined, and one of them, Fidelity, actually took in money in the same week. This is no picture of investors heading for the door together. It is the picture of one large position being wound down while the rest of the field barely moved.</p>
<p>Who stands behind it cannot be read from the flow data. It shows how much money goes into a fund and comes out of it, not who moves it. Attributing the move to any particular investor would be speculation at this point.</p>
<h2 id="bitcoin-etfs-lost-228-4-million-and-still-had-the-strongest-single-day">Bitcoin ETFs lost $228.4 million and still had the strongest single day</h2>
<p>The Bitcoin funds recorded $228.4 million in net outflows, less than the Ethereum funds. Here too BlackRock carried the largest single item: $165.4 million left the iShares Bitcoin Trust (IBIT), $60.2 million Fidelity's FBTC, $7.6 million the Grayscale Bitcoin Mini Trust and $4.1 million Invesco's BTCO. Morgan Stanley's MSBT booked inflows of $6.7 million and Bitwise's BITB $2.2 million.</p>
<p>Tuesday stands out. On that one day the Bitcoin funds took in $175.7 million, their strongest day of the week. Bitcoin stood at around $82,100 on Sunday morning. A weekly total smooths such swings away; they matter for context, because they show that the direction changed several times within the week.</p>
<figure><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ethereum_etf_abfluss_blackrock_anteil_2_0a8dc5526f.webp" alt="Empty dark wooden lectern with two microphones, behind it a row of flagpoles without flags backlit" width="1920" height="1080">
 <figcaption>
  The trigger for the outflows this week lay with US economic data and rate expectations, not with the crypto market.
 </figcaption>
</figure>
<h2 id="net-outflow-explained-when-more-shares-are-redeemed-than-issued">Net outflow explained: when more shares are redeemed than issued</h2>
<p>A net outflow is the difference between the money newly paid into a fund and the money investors pull back out by redeeming shares. When it turns negative, the fund has lost assets over the period on balance.</p>
<p>In practice that means a spot ETF, a fund that actually holds the cryptocurrency instead of tracking it through futures contracts, has to sell corresponding holdings when shares are redeemed. Outflows therefore translate into real selling pressure in the market. That is exactly why these numbers are watched by investors who have never owned a fund share.</p>
<p>The caveat runs the other way: an outflow says nothing about motive. A switch between two products, a hedge, profit taking and a decision to get out altogether all look identical in the statistics.</p>
<h2 id="coinshares-counts-434-million-in-outflows-worldwide">CoinShares counts $434 million in outflows worldwide</h2>
<p>Alongside the US figures sits the weekly fund statistic from CoinShares, which is collected globally and cut differently. For the reporting week to October 16, 2026, the firm reports a net outflow of $434 million from crypto fund products; the series sits in <a href="https://coinshares.com/insights/research-data/" rel="noopener noreferrer nofollow">CoinShares' research section</a>.</p>
<p>The two numbers do not contradict each other, they measure different things. The $610.7 million refers to five US fund groups and the trading days from October 12 to 16. The $434 million covers products worldwide, European exchange-traded products included, and a slightly different cut-off date. Anyone placing the two values side by side should neither add them up nor play them against each other.</p>
<h2 id="the-trigger-does-not-lie-in-the-crypto-market-3-7-percent-inflation">The trigger does not lie in the crypto market: 3.7 percent inflation</h2>
<p>CoinShares traces the outflows to US consumer prices. The September reading, published by the US Labor Department on October 14, came in at 3.7 percent against the previous year. August had been 3.4 percent, and 3.6 percent had been expected. Month on month, prices rose 0.6 percent, driven above all by energy: petrol became 9.1 percent more expensive in September, the energy component as a whole 5.2 percent against the previous month and 20.4 percent against the previous year.</p>
<p>The core rate excluding food and energy was more moderate at 0.3 percent on the month and 2.6 percent on the year, but that too was above the August figure of 2.4 percent. A day later came retail sales of $745 billion, up 0.8 percent on the month against an expected 0.3 percent, plus producer prices up 1.3 percent on the month.</p>
<h3 id="what-the-market-is-pricing-in-for-the-october-meeting">What the market is pricing in for the October meeting</h3>
<p>That data argues against rate cuts. The US Federal Reserve raised its key rate by 25 basis points in September to a range of 3.75 to 4.00 percent. John Williams, president of the New York Fed, said on October 13 that a further increase could be appropriate before the end of the year. On the prediction platform Polymarket, the probability of unchanged rates at the October meeting stood at around 75 percent on October 15, with 25 percent on a quarter-point rise. These figures and the interpretation come from the analysis linked above.</p>
<p>For crypto assets that is the unfavourable case. Rates that rise or stay high make interest-bearing investments more attractive and pull capital away from asset classes with no running yield. The outflows coinciding with a week of three uncomfortable economic releases is therefore no chance observation.</p>
<h2 id="solana-zcash-and-hyperliquid-lose-62-2-million-between-them">Solana, Zcash and Hyperliquid lose $62.2 million between them</h2>
<p>The smaller fund groups moved in the same direction. $25.5 million flowed out of the Solana products, on every single trading day of the week, and $18.8 million of that came from Bitwise's BSOL. The previous week had seen $25 million, so the outflow stayed practically constant. The Zcash funds lost $19.2 million and the Hyperliquid products $17.5 million, split across BHYP with $6.4 million, THYP with $8.5 million and HYPG with $2.6 million. Together that makes $62.2 million.</p>
<p>The finding behind it: there was no group this week that the money moved into instead. A rotation between cryptocurrencies looks different. An outflow in one place is then matched by an inflow somewhere else.</p>
<figure><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ethereum_etf_abfluss_blackrock_anteil_3_eb70d174f7.webp" alt="Open tax folder with coloured index tabs next to a desk calculator and a pen on a wooden table in morning light" width="1920" height="1080">
 <figcaption>
  In Germany, the wrapper you choose decides how your gains are taxed.
 </figcaption>
</figure>
<h2 id="investors-in-germany-do-not-buy-these-us-funds-at-all">Investors in Germany do not buy these US funds at all</h2>
<p>This is where the news becomes practical. The funds discussed above are spot ETFs approved in the United States. In Germany they are not regularly available to retail investors, because they lack the securities information that EU distribution rules require. On top of that, EU fund law requires a fund to hold several assets as a matter of principle, and a product tracking a single cryptocurrency does not fit that form.</p>
<p>What exists instead are exchange-traded notes and commodity products: ETNs and ETPs, usually physically backed with the cryptocurrency in question and tradable through the usual custodian banks. Which routes are open to you and how they differ is set out in the overview of <a href="https://cryptoticker.io/en/crypto-etf-germany-buy/" rel="noopener noreferrer nofollow">crypto ETFs in Germany</a>.</p>
<p>The US numbers still concern you. The large funds trade on the same spot markets where your ETN issuer covers its holdings. Selling pressure of several hundred million dollars therefore feeds through to the price, whatever wrapper you are invested in.</p>
<h2 id="etn-etp-or-direct-holding-the-wrapper-decides-the-tax">ETN, ETP or direct holding: the wrapper decides the tax</h2>
<p>The second German difference is fiscal, and over the years it often weighs more heavily than the fee. Hold a cryptocurrency directly, in your own wallet or in an account at an exchange, and it counts as a private disposal under Paragraph 23 of the German Income Tax Act. After a holding period of one year, the gain on a sale is tax free.</p>
<p>With an ETN, the treatment depends on how the paper is built. Many physically backed products provide a delivery claim on the cryptocurrency held and are therefore also placed under Paragraph 23 by the tax authorities, with the same one-year period. Other products without that claim count as a capital claim; the 25 percent withholding tax then applies, plus the solidarity surcharge and church tax where relevant, and a holding period does not help.</p>
<h3 id="why-the-wrapper-is-worth-clarifying-before-the-purchase">Why the wrapper is worth clarifying before the purchase</h3>
<p>The classification cannot be changed after the fact. It appears in the issuer's product documents, usually under the heading of delivery claim or redemption right. Two papers on the same cryptocurrency can be built differently here. For larger amounts this is a case for tax advice; the documentation of holding periods is handled by <a href="https://cryptoticker.io/en/comparison/crypto-tax-software/" rel="noopener noreferrer nofollow">tax and portfolio tools</a> that record purchases and sales with dates.</p>
<h2 id="what-the-outflows-have-done-to-the-price-so-far">What the outflows have done to the price so far</h2>
<p>The link between fund flows and price exists, but it is looser than the coverage often suggests. Ethereum has lost around 3.6 percent over seven days, Bitcoin about 1.5 percent. Both figures sit within the range of a normal weekly swing, even though hundreds of millions of dollars flowed out in the same week.</p>
<p>That is plausible. Measured against the daily trading volume of the two largest cryptocurrencies, a few hundred million dollars is no sum that carries the market on its own. Fund flows are a signal about how institutional investors are currently positioned. They are no reliable price indicator for the days ahead, and using them as one mistakes the accompaniment for the cause.</p>
<h2 id="the-dates-that-will-shape-the-next-stretch">The dates that will shape the next stretch</h2>
<p>Two dates structure the coming weeks. The first is the October meeting of the US Federal Reserve, whose outcome decides the rate path to the end of the year and for which the market has lately expected unchanged rates. The second is the next weekly statistic from CoinShares, which will show whether four weeks of outflows turn into a run or whether the direction turns.</p>
<p>For reading the next figure, the distribution is worth more than the total. If the outflow is again concentrated in one product, that confirms this week's reading. If it spreads broadly across many providers, that is the considerably more serious signal.</p>
<h2 id="ethereum-etfs-93-percent-of-the-weekly-outflow-comes-from-one-fund">Ethereum ETFs: 93 percent of the weekly outflow comes from one fund</h2>
<p>The week of October 12 to 16 was not a flight by many but the movement of a single large position, against the backdrop of an inflation rate of 3.7 percent. Three steps turn that into something concrete:</p>
<ol>
 <li><strong>Clarify the wrapper before the amount grows.</strong> Use the product documents to establish whether your ETN provides a delivery claim, and compare the running costs with buying directly on a <a href="https://cryptoticker.io/en/comparison/exchange-comparison/" rel="noopener noreferrer nofollow">regulated crypto exchange</a>. Over several years that question decides more money than any weekly statistic.</li>
 <li><strong>Separate purchases from the news cycle.</strong> Anyone building a position over months has no need to react to a fund statistic. A fixed rhythm through a <a href="https://cryptoticker.io/en/comparison/buy-bitcoin-with-savings-plan/" rel="noopener noreferrer nofollow">savings plan</a> takes that decision out of the week.</li>
 <li><strong>Match custody to your time horizon.</strong> Holdings meant to sit for more than a year do not belong permanently in an exchange account. A <a href="https://cryptoticker.io/en/comparison/hardware-wallets/" rel="noopener noreferrer nofollow">hardware wallet</a> separates the long-term portfolio from the trading balance.</li>
</ol>
<p><em>(As of October 18, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)</em></p>

$320 million flows out of Ethereum ETFs, $299 million of it at BlackRock: more than the Bitcoin funds lost

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