U.S. Spot Ethereum ETFs See 9th Straight Day of Outflows as Nearly $700 Million Exits
U.S. spot Ethereum exchange-traded funds posted net outflows for a ninth straight trading day, with cumulative withdrawals over the period reaching about $700 million.SoSoValue data for Oct. 9 showed total net outflows of $56.1 million from U.S. spot Ethereum ETFs. BlackRock's ETHA accounted for the entire amount. Fidelity's FETH and Grayscale's ETH and ETHE recorded no net inflows or outflows.The outflow streak began on Sept. 29. Cumulative net outflows over the past nine trading days totaled $697.18 million. This week alone, from Oct. 5 through Oct. 9, accounted for $542.06 million, or most of the total.Daily net outflows rose from $50.76 million on Oct. 5 to $201.89 million on Oct. 6. They then slowed to $160.77 million on Oct. 7, $72.54 million on Oct. 8 and $56.1 million on Oct. 9. While the pace of outflows eased, the funds did not return to net inflows.U.S. spot Ethereum ETFs still hold cumulative net inflows of $13.26 billion. BlackRock's ETHA had the largest net assets among the products at $8.64 billion.Ethereum prices also weakened as ETF outflows continued. The token fell about 10% over the four days from Oct. 5 and was trading in the $2,490 range on Binance's USDT market as of Oct. 9.