US Ethereum (ETH) ETFs Shed a Record $1.61 Billion in October

Record $1.61 Billion Left US ETH Funds in October

October delivered the heaviest month of redemptions in the short history of US spot Ethereum (ETH) exchange-traded funds (ETFs): the products shed $1.61 billion across the month, the largest net outflow since they launched in July 2024. Weekly flow records show money leaving in every one of the five weeks that ended during October, and the heaviest stretch closed on October 9, when $542 million exited in a single week. The total surpassed the previous record of $1.42 billion, set in November 2025, and it ended a three-month run of net creations that had drawn $3.05 billion into the funds from July through September. No week inside the month produced net inflows, a losing run that covered the whole of October. The exit wave ran alongside a 16.1% drop in the Ethereum price over the month, its weakest October since 2016, and it cut the funds' combined net assets to $13.22 billion from $17.60 billion at the end of September, a decline of roughly $4.38 billion. Cumulative net inflows since launch slipped to $12.29 billion. Redemptions of this size work through the creation and redemption mechanism: authorized participants hand back shares, the issuer sells Ethereum (ETH) from the trust to cover them, and persistent outflows turn into direct sell pressure on the asset itself. Spot funds hold ETH directly, unlike futures-based wrappers, which makes their flow record a direct read on US institutional demand. The selling has not carried into November so far: ETH changes hands at $2,303 at the time of writing, up 1.6% over the past 24 hours.

US Demand Stayed Soft Beyond the Funds

The redemption streak matched soft demand on spot venues. The Coinbase Premium Index, which measures the price gap between Coinbase, the largest US crypto exchange, and offshore markets, fell to about -0.21 on October 29, its lowest reading since February. It has since recovered toward -0.13 but stayed below zero, a level at which US buyers in spot trading still pay less than their offshore counterparts. A premium below zero indicates US investors were net sellers or absent from the market relative to the rest of the world during the exit wave. The October reversal for Ethereum (ETH) funds was not isolated. US spot Solana (SOL) ETFs lost $143.7 million in the month, their largest monthly outflow since debuting in October 2025; their only other losing month was June, at just $786,577. That makes October only their second negative month on record. ETH has started November on firmer footing: market data showed it up 1.39% in the month as of Monday's early session. The recovery leaves ETH just above $2,295, the breakdown trigger named by the research desk More Crypto Online last week, which mapped support between $2,207 and $1,725; the price traded just under that trigger earlier on Monday before moving back to $2,303. Ted Pillows named a reclaim of $2,400 as the first major sign of strength, and More Crypto Online's bearish view holds while ETH stays below $2,522. Seasonality data splits the month ahead: ETH's median November return is -1.90%, while the average is +4.04%. Early November flows and the Coinbase premium will show whether US demand returns after the record exits.

The flow picture lands on a market still capped. COINOTAG's composite support scoring rates the nearest resistance, at $2,327, at 100 out of 100, where the 100-day moving average, the 200-day exponential moving average and the 0.5 Fibonacci retracement converge; the strongest support below sits at $2,197, scored 92 out of 100, in the same Ethereum technical analysis framework. A daily close above $2,327 would clear the line the bearish camp watches, while a loss of $2,197 would open the lower band toward $2,038. Funding on ETH perpetuals reads a near-flat 0.0017%, and open interest across ETH derivatives stands at $9.65 billion.