US spot Ethereum ETFs experienced their longest net outflow streak since launching in July 2024, with 23 consecutive trading days of redemptions stretching through October 30, 2026. The sustained selling contrasted sharply with rising on-chain staking activity, suggesting divergent sentiment among different groups of Ethereum investors.
The October outflows totaled more than $1 billion in net redemptions, making it the largest monthly drain these products have experienced in 2026. October 30 alone accounted for $155.8 million in net outflows. This reversal followed September, when the same ETF products pulled in $832 million in inflows.
BlackRock's iShares Ethereum Trust (ETHA) led the redemptions throughout the period. On October 30, ETHA saw $76.6 million leave the fund, representing just under half of that day's total outflows across all US spot Ethereum ETFs. Other issuers including Grayscale, Fidelity, Bitwise, and VanEck also registered meaningful outflows.
Throughout the outflow period, Ethereum's price remained between $2,200 and $2,500, suggesting the market absorbed the sustained ETF selling without sharp declines.
Despite the October downturn, cumulative net inflows into US spot Ethereum ETFs since their July 2024 launch stood at approximately $12.29 billion as of October 30. Total net assets across the products reached approximately $13.22 billion at month's end.
The outflow streak coincided with record levels of on-chain staking activity, indicating that while ETF investors were withdrawing capital through traditional brokerage platforms, another segment of Ethereum holders was increasing their participation in network staking.
