Ethereum ETFs Post Worst Five-Day Streak Since January
TREE NEWS reports: US spot Ethereum exchange-traded funds recorded a net outflow of $85.43 million on October 13, extending a five-session losing streak that has now drained $576.9 million from the category — the largest five-day outflow since January 23.
BlackRock’s ETHA led the exodus with $75.1 million in net redemptions, while Grayscale’s Ethereum Mini Trust ETH shed $10.33 million. The concentration of selling in the two largest vehicles suggests the pressure is institutional rather than retail-driven, with allocators trimming core positions rather than rotating into smaller competitors.
Bitcoin Funds Not Immune
US spot Bitcoin ETFs were not spared. The category logged $65.4 million in net outflows on the same day, pushing month-to-date redemptions to $451.8 million. Notably, BlackRock’s IBIT — the largest and most liquid Bitcoin ETF — was the only fund to register a flow change, accounting for the entire $65.4 million withdrawal.
Despite the recent bleed, Bitcoin ETFs remain marginally positive for the year, with $478.6 million in cumulative net inflows since January. That cushion, however, is thinning rapidly.
What the Numbers Signal
- Concentration risk: When a single issuer like BlackRock drives 100% of a day’s Bitcoin ETF outflow, it points to a handful of large institutional mandates rebalancing rather than broad-based capitulation.
- Ethereum’s relative weakness: ETH products have now surrendered more than $576 million in five days, far outpacing Bitcoin’s drawdown on a proportional basis — a sign that allocators view ETH as the higher-beta, lower-conviction leg of a digital asset sleeve.
- Macro overlay: The timing coincides with a broader risk-off tone across rate-sensitive assets, suggesting ETF flows are tracking macro positioning rather than crypto-native catalysts.
Forward Look
The key question is whether this is tactical de-risking or the start of a structural rotation out of crypto ETFs. Watch three signals: whether BlackRock’s IBIT returns to net inflows within the week, whether Ethereum ETF outflows decelerate as ETH/BTC stabilizes, and whether new issuer filings or staking-enabled ETH products can reignite demand. If outflows persist through month-end, expect issuers to intensify fee waivers and marketing — and expect the “ETF bid” narrative that underpinned 2024-2025 price action to come under serious scrutiny.
