US Spot Ether ETFs Record Outflows as BlackRock's ETHA Leads Redemptions
US spot Ether ETFs lost $184.6 million on November 9, according to Farside Investors data, with BlackRock's ETHA accounting for $119.3 million of the total. The session extended a run of net withdrawals that sources put at between roughly $377.8 million over three sessions and $2.35 billion over seven weeks.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Latest Daily Figures
US spot Ether exchange-traded funds recorded $184.6 million in net withdrawals on Monday, November 9, according to Farside Investors data cited by NewsBTC. BlackRock's iShares Ethereum Trust, trading as ETHA, accounted for $119.3 million of that figure, the largest identifiable outflow of the day. Grayscale's ETH product recorded $25 million in withdrawals, BlackRock's ETHB $20.8 million, Fidelity's FETH $19.1 million and TETH $2 million. Morgan Stanley's MSSE was the only product to report a positive flow, at $1.6 million.
The session was the third consecutive negative day. Farside data shows $99.9 million left the funds on November 5 and $93.3 million on November 6, bringing the three-session total to roughly $377.8 million.
A Longer Run of Selling
Crypto Briefing takes a wider view and puts seven-week outflows at $2.35 billion. Its reporting describes October as the heaviest month on record for the products, with $1.607 billion in net outflows, the largest monthly figure since the funds launched in July 2024. ETHA alone accounted for about $1.42 billion of October's total, or 85% to 90% of withdrawals during the heaviest weeks, according to the same source.
The two sources differ on the length and scale of the run. Crypto Briefing reports nine consecutive days of outflows, a record for the products, and a 23-day run during October. NewsBTC's three-session figure covers only the early part of that window, so the two accounts are measuring different periods rather than contradicting each other. Crypto Briefing also reports outflows of close to $700 million across November 11 and 12, which falls after NewsBTC's latest reported session and should be read against that later date.
Bitcoin Comparison and Lifetime Context
Crypto Briefing says Ether funds saw sharper and more persistent withdrawals than their Bitcoin counterparts, which swung between inflows and outflows over the same period. NewsBTC notes that Bitcoin funds also posted negative flows on November 9, which suggests the day was not a simple rotation from Ether into Bitcoin within the US spot ETF category.
Cumulative net inflows since the July 2024 launch stood at about $11.59 billion as of mid-November 2026, according to Crypto Briefing. That figure measures gross money that has come in over time, and it should not be confused with net assets, which reflect what the funds hold after withdrawals and price changes. Ether traded in a range of roughly $2,000 to $2,400 during the outflow period, per Crypto Briefing.
What ETF Flows Do and Do Not Show
An ETF captures only the exposure held through that wrapper. It does not measure ETH held directly, used as collateral, staked, or moved across exchanges, nor the activity on the Ethereum network itself, including stablecoin transfers, decentralized finance applications and settlement. NewsBTC cautions that network activity is not automatically bullish for the token's price, since fees, issuance and layer-two competition all shape how usage translates into demand for ETH.
Timing also matters. Daily tables are finalized after the US close and can be revised when issuers report late, so the November 9 figures should be read as dated to that session and not as a settled trend.
The next completed sessions will show whether ETHA's withdrawals persist and whether other products begin drawing offsetting demand.
Why It Matters
For Traders
Three consecutive negative sessions and ETHA's concentrated redemptions suggest near-term institutional demand for Ether ETFs is weak, though one-day tables may be revised.
For Investors
Seven weeks of record-pace outflows from US Ether funds signal a shift in institutional positioning, even as lifetime inflows since launch remain positive at about $11.59 billion.
For Builders
Weak ETF flows do not reflect on-chain usage directly, so teams should track network activity and stablecoin settlement separately from fund-level demand when modeling Ethereum adoption.
This article is for information only and is not financial advice. Read the full disclaimer.
