Ethereum (ETH) ETFs Post $93.3M Net Outflow on November 6, Led by BlackRock's ETHA

Second Straight Day of Net Withdrawals

United States spot ETFs holding Ethereum (ETH) recorded a net outflow of $93.3 million on November 6, a balance struck between money subscribed and money redeemed across the eleven listed funds, according to DigitalAsset's compilation of issuer daily creation and redemption disclosures. It was the second consecutive day of net withdrawals, following a smaller exit on November 5. The day's ledger separates cleanly. Redemptions totaled $94.4 million, while creations returned just $1.1 million. BlackRock's ETHA, the largest vehicle in the complex, drove the exit with $90.8 million leaving in a single session. Fidelity's FETH lost $1.7 million, and Grayscale's compact Ethereum fund, ticker ETH, shed another $1.9 million. The lone inflow came from BlackRock's newer ETHB, which took in $1.1 million, so the manager's two Ethereum products moved in opposite directions on the same day. Bitwise, VanEck, Franklin Templeton, Morgan Stanley, 21Shares and Invesco Galaxy all printed zero for the session, which is unusual for a complex this size. Because an ETF creates and redeems shares directly with authorized participants, each daily print is a direct measure of advisory and institutional demand rather than a secondary-market estimate, which is why flow desks treat it as the cleanest read on positioning in the asset behind the largest proof of stake network. Sustained prints of this kind draw down the coins the funds hold, since redeemed shares are settled from custodial Ethereum (ETH). Spot prices have so far absorbed the two-day pullback without breaking. The Ethereum price last changed hands near $2,249, up 0.2% since the flow data landed at 04:48 UTC and 1.1% over the past 24 hours.

Our composite scoring, which rates each support and resistance level from 0 to 100 by weighing the indicators that meet there, puts the strongest floor at $2,198.33, scored 100 out of 100, with the nearest ceiling at $2,320.36 rated 98 out of 100. The market is sitting between them in a sideways trend. Positioning remains tilted long despite the outflows: the perpetual funding rate reads 0.0058% and the long/short account ratio stands at 3.76, with about 79% of accounts on the long side. Sentiment is darker still, at 25 out of 100 on the Fear and Greed Index, deep in extreme fear. A decisive close below $2,198 would open the lower band of supports; a sustained push through $2,320 would break the range. Ethereum technical analysis tracks both levels daily.

Five Days, $365.2M Out

Zoom out to the five trading days from Monday, November 2 through Friday, November 6 and the net outflow reaches $365.2 million, which is also the running total for November so far, since trading opened on the 2nd. The composition is again lopsided. ETHA bled $345.9 million over the stretch and ETHB lost $47.9 million, a combined $393.8 million leaving BlackRock's two products. Against that, creations returned $28.6 million across the rest of the lineup, led by Fidelity's FETH at $15.3 million, Grayscale's ETHE at $9.2 million, Morgan Stanley's MSSE at $3.2 million, Grayscale's Ethereum (ETH) at $0.8 million and 21Shares' TETH at $0.1 million. Bitwise's ETHW, VanEck's ETHV, Franklin Templeton's EZET and Invesco Galaxy's QETH saw no activity at all across the five sessions. ETHE's return to the receiving side is a quiet reversal for the fund that has historically been the complex's biggest drag, with $5.530 billion redeemed from it since launch, a legacy of its years as a discounted closed-end trust. Even after November's withdrawals, cumulative net inflows since the funds began trading in July 2024 stand at $11.9511 billion, with ETHA alone accounting for $11.523 billion, a pool that dwarfs any single corporate Ethereum treasury and anchors Ethereum exposure for US allocators. Last month's record shows the pattern is not new: October produced a $1.072 billion net outflow, and the current streak is a continuation of it. An earlier session had already seen the complex shed $99.97M, led by ETHA, before this latest print. The closing ledger therefore hides offsetting movement inside the headline number, and until creations recover across more than one or two funds, each daily print will stay hostage to how much ETHA's holders redeem.