Ethereum exchange-traded funds recorded $320.1 million in net outflows — redemptions outpacing creations — over the past week, while Bitcoin ETFs lost $228.4 million, according to calculations from the daily ETF tables published by Farside Investors. With that second consecutive week of withdrawals, Ethereum funds have now given back roughly 28% of the $3.1 billion that poured into US spot Ethereum ETFs during the third quarter.

The picture is nuanced, however: Ethereum's outflows did not accelerate. Bitcoin's simply slowed faster, with weekly Bitcoin ETF withdrawals falling by two-thirds while Ethereum'srank by 41%.

ETHA Has Carried Ethereum's Outflows for Three Weeks

Almost all of the Ethereum figure came from a single product. BlackRock's iShares Ethereum Trust (ETHA) lost $299 million — 93% of the sector's net outflow — and has now gone 14 consecutive trading sessions without a single day of inflows.

Farside's daily Ethereum ETF table shows ETHA posting withdrawals on four of the week's five sessions, peaking at $109.8 million on Wednesday, October 14. Grayscale's two funds lost a combined $30.7 million, split between $18.3 million from ETHE and $12.4 million from the lower-fee ETH. Franklin's EZET shed $900,000. Fidelity's FETH was the only fund to finish the week with net inflows, adding $10.5 million.

FETH's gain slightly inflates ETHA's share of the net total. Counting only the days on which each fund recorded withdrawals, Ethereum ETF outflows came to $347.3 million — and ETHA still accounted for 86% of them.

The drain is also substantial relative to the fund's size. BlackRock reported ETHA's net assets at about $8.16 billion on October 16, meaning a $299 million weekly outflow equals roughly 3.5% of the fund, before any effect from ether's price. Since its last inflow day on September 28, ETHA has lost $805.1 million — for scale, more than the Ethereum sector's entire net outflow in either of the past two weeks.

Nor is the concentration new. ETHA also accounted for $477.1 million of the $542.2 million withdrawn from Ethereum funds during October 5-9, or 88%.

Ethereum Overtook Bitcoin Because Bitcoin's Outflows Eased Faster

A week earlier, Bitcoin funds were losing more money than Ethereum funds. Both categories improved, but by very different margins: Ethereum's net outflow fell 41% between the two weeks, while Bitcoin's fell 66%, according to calculations from Farside Investors' daily tables, where negative figures indicate net outflows.

The fund-level data reveals a second difference. In Bitcoin, leadership of the withdrawals rotated: Fidelity's FBTC lost $380.3 million in the first week while BlackRock's IBIT was flat, and in the second week IBIT took $165.4 million, or 72% of the sector's net outflow. In Ethereum, the same fund led both weeks.

The two markets did move on the same days. Both categories logged their strongest session on Tuesday, October 13, with $175.7 million into Bitcoin funds and $24.8 million into Ethereum funds, and their heaviest withdrawals the following day, at $261.4 million and $129.5 million respectively.

Two Weeks Have Reversed More Than a Quarter of Q3's Inflows

The withdrawals follow an exceptionally strong third quarter. CoinGecko's Q3 2026 industry report recorded $3.1 billion in net inflows into US spot Ethereum ETFs during July-September, a period in which ether rose 71%.

Ethereum funds have now lost $862.3 million across October 5-16, equal to about 28% of that quarter's inflows — meaning roughly 72% of the net new money from July-September had yet to be withdrawn. ETHA accounts for $776.1 million of the two-week total, or 90%.

Why an ETF Outflow Is Not the Same as Ether Being Sold

Mechanics matter. ETHA's SEC-filed prospectus allows authorized participants — the broker-dealers approved to deal directly with the trust — to redeem shares in large blocks for either cash or ether. In an in-kind redemption, the trust hands over ether instead of selling it, so a $299 million outflow does not mean $299 million of ether reached the spot market. In other words, net-flow data tracks what moves through the funds themselves, not what trades on exchanges. Flow data also does not show who redeemed, or why.

If Outflows Spread Beyond BlackRock, the Story Changes

The first signal to watch is whether ETHA breaks its run of 14 sessions without an inflow. The second is breadth. Withdrawals outside ETHA have so far been modest, and FETH returned to net inflows this week. If Grayscale, Fidelity and the smaller issuers begin losing assets at a similar pace, the outflow stops being a one-fund story.

On the Bitcoin side, the number to follow is IBIT. The largest spot crypto ETF went from flat to a $165.4 million weekly loss, and a second week like that would undo much of the slowdown that let Ethereum overtake Bitcoin in the first place.

This article is provided for informational purposes only and does not constitute financial or investment advice.