Crypto · Ethereum

Ethereum ETFs lose more than $1 billion in October as US demand indicators slide to multi-month lows

By VoxTradePro Desk · Published 2 Nov 2026, 08:02 UTC+8 · 3 min read

US spot Ethereum ETFs had their heaviest monthly outflows of 2026 in October. We look at flows, US demand signals and the week ahead for ETH.

Ether starts November with a clear problem: the big US investment funds that bought it through the summer are now selling. US spot Ethereum exchange-traded funds (ETFs) recorded 23 straight trading days of net outflows up to 30 October, the longest run since they launched in July 2024, according to Glassnode data reported by Crypto Briefing. October's net outflows topped $1 billion, the largest monthly drain of 2026, compared with inflows of $832 million in September.

The price has held up better than the flows. Ether traded at about $2,272 at 23:52 UTC on Sunday 1 November, according to CoinGecko data collected by VoxTradePro, down about 3% over seven days. Its market value was about $278 billion, roughly 10.6% of the whole crypto market. Live prices and charts are on our Ethereum page.

How big are the outflows?

Flow trackers differ a little on the details, but they point the same way. Glassnode's figures, cited by Crypto Briefing, show $155.8 million leaving US spot Ethereum ETFs on Friday 30 October alone. BlackRock's iShares Ethereum Trust (ETHA) accounted for $76.6 million of that, just under half. Funds from Grayscale, Fidelity, Bitwise and VanEck also saw withdrawals.

Decrypt's own ETF tracker put Friday's outflow at $155.7 million and October's total at about $1.61 billion, which is higher than the Glassnode-based figure. The gap reflects different data and methods. Either way, October was a poor month for institutional ether demand.

The bigger picture is less dramatic. Cumulative net inflows since launch were still about $12.29 billion as of 30 October, and total net assets were about $13.22 billion, Crypto Briefing reported.

A wider risk-off week

Ether was not alone. Decrypt said US spot Bitcoin ETFs lost $643.2 million on Friday, their biggest outflow of October, in the first full session after the record Binance hack. Solana ETFs had their fifth straight day of outflows. The selling came as the Nasdaq Composite fell 2.86% on Friday on doubts about the returns from AI spending, according to FXBus. Crypto tends to trade like other high-risk assets when markets turn defensive, which our crypto market basics guide explains.

Interest rates are another headwind. The Federal Reserve held rates at 3.75%-4% last Wednesday, but two officials voted for a hike, and traders priced odds above 70% for a December increase, Decrypt reported. FXBus put the CME FedWatch probability of a December hike at about 72% on Monday. Higher rates make it more expensive to hold assets that pay no income, such as ether held outside staking.

Weak US demand on exchanges too

The weakness is not only in ETFs. CryptoQuant reported that Ethereum's Coinbase Premium Index, which compares ether's price on the US exchange Coinbase with its price on Binance, fell to about -0.21 on 29 October, its lowest reading since February, before recovering toward -0.13. A negative reading means ether is cheaper on Coinbase than on Binance. That is often read as a sign of softer US buying or more US selling.

There is a counterpoint. Crypto Briefing noted that on-chain staking kept setting records while ETF holders were selling. That suggests a split: long-term holders are locking up coins, while investors using brokerage products are cutting exposure.

What to watch this week

ETF flows: the first day of net inflows would end the record streak. Further large outflows from ETHA would confirm that institutional demand is still fading.
Coinbase premium: CryptoQuant said a sustained return above zero would point to improving US demand.
US midterm elections, Tuesday 3 November: election results could affect expectations for crypto regulation and for risk assets in general.
US jobs report, Friday 6 November (08:30 ET, 21:30 Macau time): the BLS October employment report is the main data point for the Fed's December decision, followed by October inflation data on 10 November.

Ether moves fast in both directions, and daily swings of several percent are common. Before trading, it is worth reading our risk management basics guide. Our technical indicators guide covers the tools many traders use to judge momentum. To convert ETH into dollars or other coins at current prices, use the crypto converter. You can also compare ether with Bitcoin and Solana on their market pages.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.

Related markets: Ethereum Bitcoin Solana