U.S. spot Ethereum exchange-traded funds have recorded net outflows for 23 consecutive trading days through October 30, the longest withdrawal streak since the products began trading in July 2024. The funds hold ether directly and publish creations and redemptions each session, making their daily flow records a widely followed measure of traditional-finance demand for the asset since the U.S. Securities and Exchange Commission authorized the category in 2024. On-chain analytics firm Glassnode reported the run in an X post.

The streak follows a period of heavy ETH accumulation by traditional finance investors in August and September, marking a reversal from the buying that preceded it. It has unfolded as Ethereum's price recovered toward $2,500 from its early-2026 low, and the latest data show the withdrawals were concentrated in a handful of major fund products.

October 30 Withdrawals Concentrate in Grayscale Products

The daily breakdown for October 30 showed Grayscale Ethereum Mini Trust, listed as ETHA, recording the largest net withdrawal at approximately 33,660 ETH. Grayscale's ETHE followed with roughly 15,000 ETH leaving the product, while Ethereum Trust, listed as ETHB, posted about 8,500 ETH in net outflows. ETHE traces back to a privately placed ether trust that operated for years before converting to a spot ETF structure at the category's July 2024 launch.

Fidelity's FETH saw a smaller outflow of around 1,500 ETH. The remaining funds tracked in the data — ETHW, ETHV, EZET, TETH and QETH — recorded little or no visible net movement. The figures place most of the day's withdrawals among ETHA, ETHE and ETHB, with ETHA alone accounting for the largest share. That concentration means the day's aggregate total was shaped by a small group of funds rather than by even withdrawals across the full set of tracked products.

Flow History Shows Sharp Swings Since 2024

The historical data cover daily net flows from July 2024 through October 2026. Over that span, cumulative flow movements fluctuated substantially, with inflow surges exceeding 200,000 ETH at points. One notable increase occurred around September 2025, when demand for the funds strengthened.

The series also includes sizeable withdrawal episodes, however. The largest negative flow episode approached 146,380 ETH. Alongside those movements, the ETH price line climbed toward approximately $4,820 before entering a prolonged decline. What distinguishes the current streak is its duration: while earlier redemption waves were larger in cumulative size, no prior stretch of consecutive-session outflows has run as long since the funds began trading.

ETH Price Rebounds as Outflows Continue

The price line fell toward $1,500 in early 2026, then recovered toward the $2,500 region. That rebound has occurred within the broader period of shifting ETF flows, even as the most recent sessions continued to show net withdrawals. ETF flow tallies capture activity only within the listed funds, so the figures do not reflect ether trading across exchanges and other venues outside these products.

Glassnode said traditional finance investors had bought heavily in August and September ahead of the current 23-session outflow run. The October 30 breakdown indicates recent withdrawals have been uneven across products: several funds recorded limited movement, while three Grayscale-linked products accounted for most of the ETH reported leaving U.S. spot Ethereum ETFs. The coming daily flow updates will show whether the streak extends beyond 23 sessions and whether the outflows remain concentrated in the same small group of funds.