Ether ETFs Shed $320M in Third Consecutive Week of Outflows

U.S. spot Ethereum (CRYPTO: $ETH) exchange-traded funds recorded net outflows of $320 million last week, their third consecutive weekly withdrawal, according to SoSoValue data covering Oct. 12 to 16.

One fund drove nearly all of the decline. BlackRock’s (NYSE: $BLK) iShares Ethereum Trust, ETHA, shed $299 million, about 93% of the total, though it has still taken in a cumulative $12.49 billion since launch. Grayscale’s Ethereum Trust, ETHE, lost $18.28 million, lifting its cumulative net outflow to $5.49 billion. Fidelity’s FETH was the only fund to attract money, adding $10.55 million for a cumulative inflow of $2.34 billion.

Total net assets across the funds stand at $14.95 billion, equal to 5.07% of Ethereum’s market value, with cumulative net inflows of $12.94 billion.

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Ether outflows totaled more than the $228.4 million that left spot bitcoin ETFs over the same five sessions and roughly $1 billion in ether ETF outflows across the three weeks.

The damage was concentrated. Ether funds lost about $129.5 million on Oct. 14, the heaviest day, which coincided with a hotter-than-expected U.S. inflation reading that revived worries about a Federal Reserve rate hike and pushed bitcoin below $82,000. Another $69.7 million left on Friday, all of it from ETHA, according to SoSoValue, extending the daily outflow streak to three sessions.

Even so, withdrawals are slowing. Combined Bitcoin (CRYPTO: $BTC) and ether ETF outflows of $548.5 million for the week ran about 55% below the $1.22 billion pulled the previous week, when ether funds lost $542.2 million and bitcoin funds lost $678.9 million, according to data compiled by TokenPost.

Ether ETFs have bled consistently since late September, with the streak reaching nine straight days of redemptions in early October.

October losses for the funds exceed $900 million, reversing the strong inflows of September.

Ether is trading near $2,413.