BlackRock's ETHA Led $139.7 Million Daily Outflow From Ethereum (ETH) ETFs

Six Straight Days of Outflows

US spot Ethereum (ETH) ETFs shed $139.7 million in net outflows on Monday, and the Ethereum (ETH) price slid 1.9% over the same 24-hour window to trade near $2,249. Daily creation and redemption disclosures from the funds' issuers show not one product took in fresh money during the session; Monday was 2 November in US Eastern time, and the disclosures cover every spot Ether fund listed in the United States. BlackRock's ETHA drove the day with $138.3 million in redemptions, by far the largest single outflow, and the firm's smaller ETHB vehicle lost another $4.6 million. Bitwise's ETHW, VanEck's ETHV, Franklin Templeton's EZET, 21Shares' TETH, Invesco Galaxy's QETH and Morgan Stanley's MSSE all printed zero, leaving the day's damage concentrated in the two BlackRock products. The streak reaches back to 26 October. Six consecutive trading days of net outflows have removed $571.1 million from the complex, and the five-session span from 27 October to 2 November accounts for $485.7 million of it. These prints get read closely because spot ETF shares are created and redeemed against the underlying token: a sustained run of redemptions means custodians are selling Ethereum (ETH) into the open market, adding supply while spot demand stays thin. Ether's 24-hour volume stood near $8.8 billion, modest for an asset of its size, and Ethereum, the largest proof-of-stake network and the asset behind these wrappers, has drifted lower alongside the filings with no session of inflows to break the pattern. Our Ethereum desk feed has tracked the run since it began, and Monday made it six straight sessions without a dollar of net creation.

The floor under the market is thinner than the flow data alone suggests. Our composite support and resistance scoring places the strongest support at $2,218.04, scored 100 out of 100 from converging indicators, with resistance at $2,324.06 close behind at 95. Momentum readings are weak: the relative strength index sits at 33.64 and the trend is classified as a downtrend. Positioning has not turned defensive in step with price. Open interest stands near $9.18 billion and long accounts outnumber shorts by 2.34 to 1, so a decisive break of $2,218 would force that crowded long side to cut exposure rather than add. Full level-by-level readings are in our Ethereum technical analysis.

October's $1.61 Billion Reversal

Monday's print closes a month that turned decisively negative. October's net outflow reached $1,607.2 million, a sharp reversal from September, when the funds took in a net $831.3 million. The complex remains in aggregate profit since listing in July 2024, with $12,176.6 million in cumulative net inflows, but the composition is lopsided: BlackRock's ETHA has drawn $11,730.6 million, while Grayscale's ETHE, the converted trust that predates the spot ETF wave, has bled $5,539.3 million. Grayscale's newer Ethereum (ETH) product lost $31.6 million over the five sessions through 2 November and ETHE shed $37.0 million in the same span, while BlackRock's ETHA alone lost $424.7 million across those five days. Fidelity's FETH is the lone exception in the recent window, adding $47.0 million across the same stretch. The divergence mirrors a split in who is accumulating. Corporate treasury buyers have kept adding on the other side of the ledger: Bitmine's Ethereum holdings reached 6.06 million tokens after a weekly purchase of 8,573 ETH, and on-chain data recently recorded a single whale that bought 27,553 ETH for $62.97 million in five hours. Direct holders also keep one option the fund shares do not pass through, the ability to earn staking yield on the underlying token, which continues to pull some allocation outside the wrappers. Ethereum is still the largest altcoin by market cap, and the ETF complex holds the bulk of institutional exposure to it; that outside demand is a large part of why the selling has not hit harder than it has. For now the two series, flow and price, point the same way: $571.1 million left the funds across six sessions while the token gave ground, and it has slipped another 0.4% since the disclosures were published at 04:51 UTC.