Investors pulled $56.1 million from US spot Ethereum ETFs on October 9, extending a withdrawal streak to nine consecutive days. All outflows came from BlackRock's fund. Since September 29, the ETFs have shed approximately $697 million, reversing most of the $850.8 million they attracted in the seven sessions prior.
Total assets under management across US spot Ethereum ETFs stand at $15.71 billion, down from nearly $17.9 billion in late September. Ethereum traded at $2,496 on October 9, little changed over 24 hours but down from $2,715.50 on October 2.
Outflow Pattern Echoes June Decline
The nine-day withdrawal streak matches a similar run from June 17 to June 30. The current withdrawal period began following a period of inflows that brought $850.8 million into the funds over seven days ending September 28.
Bitcoin ETFs Show Modest Inflows
Bitcoin spot ETFs moved in the opposite direction, recording $21.13 million in net inflows on October 9. However, this followed substantial outflows of $729 million across October 7 and 8.
Short Positions Build Amid Institutional Retreat
While institutional capital flows out of Ethereum ETFs, derivatives traders have accumulated significant short positions. According to available data, $5 billion in Ethereum shorts sit above current prices compared to $1.53 billion in long positions.
Short positions are bets that prices will fall, often made with borrowed funds. Forced liquidations of shorts require buying Ethereum, which can trigger sharp price moves. A coordinated wave of short closures could push prices higher.
Exchange data showed that Binance customers withdrew 183,602 ETH in September while adding Bitcoin positions during the same period.
