Ether fund outflow streak reaches nine sessions and $697 million

U.S.-listed spot ether exchange-traded products recorded a ninth consecutive trading session of net redemptions on October 9, extending a withdrawal run that began September 29.

Farside Investors’ daily table showed $56.1 million leaving the cohort on Friday. Adding its nine rounded session totals produces $697.4 million of net outflows. The result matters because the pressure persisted through the close of the week and remained heavily concentrated in BlackRock’s iShares Ethereum Trust ETF, or ETHA, rather than being evenly distributed across every product.

The week accounted for most of the streak

The five U.S. trading sessions from October 5 through October 9 produced daily net outflows of $50.8 million, $201.9 million, $160.9 million, $72.5 million and $56.1 million, respectively, in Farside’s table. Coinburn’s sum of those rounded observations is $542.2 million.

ETHA accounted for $477.1 million of that five-session total, or approximately 88.0%, based on the same table. Friday’s entire $56.1 million cohort outflow was attributed to ETHA; every other listed ether product showed zero net flow for the session. Across the full nine-session streak, ETHA contributed $506.1 million of the $697.4 million calculated total.

A separate analysis by The Block, using SoSoValue data, put the weekly cohort outflow at $542.1 million and the nine-session result at $697.2 million. Those small differences illustrate a limitation of the figures: providers may use unrounded inputs, different update times or revised issuer data. The Farside totals in this article are calculations from its displayed rows, which are rounded to the nearest $100,000 and carry the provider’s warning that the table may contain errors.

Redemptions are not the same as trading volume

A daily net flow estimates fund creations minus redemptions. It does not measure all secondary-market trading in the shares, identify the investors behind the activity or establish why they transacted. An outflow also should not be described as an equal amount of ether sold at one instant; the timing and execution of portfolio adjustments can differ by product and market maker.

BlackRock’s own product page reported that ETHA held $8.694 billion in net assets on October 9, with 154,973,284 shares outstanding and a $56.10 net asset value per share. Those are issuer-reported end-date observations, not flow figures. Net assets move with both creations or redemptions and the value of the underlying ether, so the weekly outflow cannot be subtracted from net assets to isolate price performance.

ETHA began trading on a one-for-three reverse-split-adjusted basis October 6. The split reduced the share count while proportionally increasing per-share values; it did not itself remove investor capital. Farside recorded the week’s largest ETHA outflow, $201.9 million, on that date, but the coincidence does not prove that the split caused redemptions.

Bitcoin’s Friday inflow did not erase its weekly loss

Farside’s bitcoin-product table showed a different final session but a similarly negative week. Spot bitcoin products drew $21.1 million on October 9 after losing $484.9 million on October 7 and $244.1 million on October 8. Across October 5–9, the displayed daily totals sum to a $678.9 million net outflow.

Together, Farside’s rounded bitcoin and ether rows imply $1.2211 billion of net redemptions across the two U.S. product groups during those five sessions. That combined figure excludes other crypto funds, non-U.S. products, direct token trading and derivatives. It is therefore a measurement of two regulated access channels, not total cryptocurrency demand.

The verified conclusion is limited: ether products finished October 9 with nine straight negative-flow sessions, and ETHA supplied most of the withdrawal. The data do not reveal investor identity, prove a lasting allocation shift or establish that fund redemptions caused any move in ether’s price. Coinburn is reporting the completed flow window on October 10.