Investors have pulled $2.35 billion out of Ether ETFs over the past seven weeks. That makes for one of the roughest stretches these products have had since they launched.
The more telling detail is how lopsided the selling has been. Holders cut their Ether exposure more sharply than their Bitcoin exposure, which suggests the move is a vote on Ether specifically rather than a broad exit from crypto funds.
A record month, then more of the same
October did most of the damage. US spot Ether ETFs posted $1.607 billion in net outflows that month, the largest monthly figure since the products debuted in July 2024.
Zoom out a little and the picture holds. Roughly $1.65 billion left the funds during a five-week window that ended in late October.
November did not bring a turnaround. Outflows across November 11 and 12 came close to $700 million, which means the selling carried straight through the calendar change.
The streaks are where it gets uncomfortable. Ether ETFs logged nine consecutive days of outflows, a record for the products, and the research also points to a 23-day run of withdrawals during October.
Bitcoin ETFs, by comparison, swung back and forth between inflows and outflows over the same period instead of bleeding in one direction.
BlackRock’s fund carried most of the weight
If you want to know where the money left from, look at BlackRock. The iShares Ethereum Trust, which trades as ETHA, accounted for 85% to 90% of withdrawals during the heaviest weeks.
ETHA alone saw $1.42 billion pulled in October. That is most of the month’s record total coming from a single product.
Fidelity’s FETH went the other way. It recorded modest inflows in October while the broader category was hemorrhaging capital.
How we got here
The outflows did not arrive out of nowhere. Ether ETFs enjoyed positive inflows in August and September, and the October selling effectively reversed that run.
Meanwhile, Ether itself has been stuck in a range between $2,000 and $2,400 during the outflow period.
Context matters on the totals too. Even after seven weeks of withdrawals, cumulative net inflows since the July 2024 launch stood at approximately $11.59 billion as of mid-November 2026.
That distinction is worth keeping straight. Lifetime inflows measure how much new money has come in over time, while net assets reflect what is actually sitting in the funds today after withdrawals and price changes.