BlackRock’s iShares Ethereum Trust (ETHA) saw a wave of redemptions in October, with analytics firms flagging large token movements that underscore rising outflows from Ethereum ETFs.
Key figures
- Lookonchain (Nov. 2) reports BlackRock-related wallets moved 580,145 ETH (~$1.32 billion) out of addresses labeled as BlackRock Coinbase Prime deposit wallets into Coinbase Prime hot wallets over the past month. Individual transfers ranged from about 3,197 ETH to nearly 29,814 ETH.
- Lookonchain’s ETF snapshot lists BlackRock’s ETH holdings at 3,095,551 ETH. Total Ethereum holdings across the tracked ETF products were 5,513,954 ETH — meaning ETHA represents roughly 56.1% of the tracked supply.
- On the day-of-snapshot, the analytics firm estimated daily net withdrawals of 44,837 ETH (~$102.12 million) across tracked Ethereum funds; ETHA accounted for 34,383 ETH (≈76.7%) of that daily outflow. Grayscale’s products lost 9,015 ETH, Fidelity 1,418 ETH, and Bitwise 21 ETH. VanEck and other small issuers showed no daily net movement.
- Over seven days, BlackRock’s outflows totaled 169,205 ETH — larger than the entire tracked group’s net outflow of 147,585 ETH. Fidelity bucked the trend, attracting 27,067 ETH over the week. Excluding BlackRock, the group actually saw a net inflow of 21,620 ETH, partially offsetting ETHA’s withdrawals.
October month totals and cross-source context
- Using Farside data, ETHA’s October net redemptions summed to roughly $1.4205 billion (based on rounded daily figures). Farside shows ETHA had no positive sessions in October and three sessions with zero net flow.
- Across all Ethereum ETF products in Farside’s table, October outflows totaled about $1.6072 billion; ETHA therefore accounted for approximately 88.4% of that category-wide monthly net outflow.
- Between Oct. 26–30 alone, ETHA lost $391.1 million, and its final October session logged $76.6 million in withdrawals. Note that Lookonchain’s $102.12 million “daily” estimate and Farside’s Oct. 30 figures are separate snapshots and aren’t tied to a specific U.S. trading session.
Bitcoin flows for comparison
- Lookonchain’s Bitcoin table showed daily withdrawals of 7,919 BTC (~$614.26 million) and seven-day withdrawals of 2,292 BTC (~$177.81 million).
- Within BlackRock’s Bitcoin product (IBIT), the daily snapshot showed a loss of 3,056 BTC but a seven-day net inflow of 2,038 BTC. Fidelity’s FBTC recorded 2,630 BTC withdrawn for the day and 2,196 BTC over seven days. ARK 21Shares’ ARKB lost 1,694 BTC in both snapshots. Several other issuers had smaller withdrawals or modest inflows.
Why this matters
- ETHA is a passive trust that aims to track Ether’s price; retail investors cannot redeem shares directly. Redemptions are handled by authorized participants (registered broker-dealers) and can be executed either in-kind (deliver Ether) or in cash (sell Ether and deliver proceeds). For cash redemptions the trust can trade with counterparties or use Coinbase Prime.
- In-kind redemptions became an option following SEC orders on July 29, 2025 and an effective registration amendment on July 31, 2025 — changes that can materially affect ETF flows and market mechanics for large institutional redemptions.
Caveats
- Lookonchain’s wallet images identify transfers between labeled addresses (e.g., Coinbase Prime deposit to hot wallets) but do not reveal the identity, intent, or trading strategies of the underlying investors. Neither Lookonchain nor Farside attributes the outflows to specific causes such as unwinding of basis trades.
Bottom line
BlackRock’s ETHA was the dominant driver of October’s Ethereum ETF outflows, accounting for the bulk of the category-wide withdrawals. While some issuers (notably Fidelity) saw inflows over recent windows, the scale of ETHA redemptions — and their concentration late in October — highlights how quickly flows can shift within the nascent Ethereum ETF market and why monitoring wallet-level movements matters for liquidity and price dynamics.
Key figures
- Lookonchain (Nov. 2) reports BlackRock-related wallets moved 580,145 ETH (~$1.32 billion) out of addresses labeled as BlackRock Coinbase Prime deposit wallets into Coinbase Prime hot wallets over the past month. Individual transfers ranged from about 3,197 ETH to nearly 29,814 ETH.
- Lookonchain’s ETF snapshot lists BlackRock’s ETH holdings at 3,095,551 ETH. Total Ethereum holdings across the tracked ETF products were 5,513,954 ETH — meaning ETHA represents roughly 56.1% of the tracked supply.
- On the day-of-snapshot, the analytics firm estimated daily net withdrawals of 44,837 ETH (~$102.12 million) across tracked Ethereum funds; ETHA accounted for 34,383 ETH (≈76.7%) of that daily outflow. Grayscale’s products lost 9,015 ETH, Fidelity 1,418 ETH, and Bitwise 21 ETH. VanEck and other small issuers showed no daily net movement.
- Over seven days, BlackRock’s outflows totaled 169,205 ETH — larger than the entire tracked group’s net outflow of 147,585 ETH. Fidelity bucked the trend, attracting 27,067 ETH over the week. Excluding BlackRock, the group actually saw a net inflow of 21,620 ETH, partially offsetting ETHA’s withdrawals.
October month totals and cross-source context
- Using Farside data, ETHA’s October net redemptions summed to roughly $1.4205 billion (based on rounded daily figures). Farside shows ETHA had no positive sessions in October and three sessions with zero net flow.
- Across all Ethereum ETF products in Farside’s table, October outflows totaled about $1.6072 billion; ETHA therefore accounted for approximately 88.4% of that category-wide monthly net outflow.
- Between Oct. 26–30 alone, ETHA lost $391.1 million, and its final October session logged $76.6 million in withdrawals. Note that Lookonchain’s $102.12 million “daily” estimate and Farside’s Oct. 30 figures are separate snapshots and aren’t tied to a specific U.S. trading session.
Bitcoin flows for comparison
- Lookonchain’s Bitcoin table showed daily withdrawals of 7,919 BTC (~$614.26 million) and seven-day withdrawals of 2,292 BTC (~$177.81 million).
- Within BlackRock’s Bitcoin product (IBIT), the daily snapshot showed a loss of 3,056 BTC but a seven-day net inflow of 2,038 BTC. Fidelity’s FBTC recorded 2,630 BTC withdrawn for the day and 2,196 BTC over seven days. ARK 21Shares’ ARKB lost 1,694 BTC in both snapshots. Several other issuers had smaller withdrawals or modest inflows.
Why this matters
- ETHA is a passive trust that aims to track Ether’s price; retail investors cannot redeem shares directly. Redemptions are handled by authorized participants (registered broker-dealers) and can be executed either in-kind (deliver Ether) or in cash (sell Ether and deliver proceeds). For cash redemptions the trust can trade with counterparties or use Coinbase Prime.
- In-kind redemptions became an option following SEC orders on July 29, 2025 and an effective registration amendment on July 31, 2025 — changes that can materially affect ETF flows and market mechanics for large institutional redemptions.
Caveats
- Lookonchain’s wallet images identify transfers between labeled addresses (e.g., Coinbase Prime deposit to hot wallets) but do not reveal the identity, intent, or trading strategies of the underlying investors. Neither Lookonchain nor Farside attributes the outflows to specific causes such as unwinding of basis trades.
Bottom line
BlackRock’s ETHA was the dominant driver of October’s Ethereum ETF outflows, accounting for the bulk of the category-wide withdrawals. While some issuers (notably Fidelity) saw inflows over recent windows, the scale of ETHA redemptions — and their concentration late in October — highlights how quickly flows can shift within the nascent Ethereum ETF market and why monitoring wallet-level movements matters for liquidity and price dynamics.