Ether funds lose $911.6 million in 13 sessions, mostly from BlackRock

U.S. spot ether exchange-traded funds, which hold ether directly and trade like shares, had net outflows of $911.6 million over the 13 trading sessions from Oct. 14 to Oct. 30, according to Farside Investors' daily figures [1]. Money left on 11 of those 13 days. One fund, BlackRock's iShares Ethereum Trust, ticker ETHA, accounted for $848.2 million of the total.

The stakes go beyond one bad fortnight. Nearly all of the loss sits in the largest ether fund. In Le Coin's view, that shapes how to read the drain: as a steady exit from one big product, not a broad rush for the doors. Our weekly flow read covered the last of these weeks; this piece takes the longer run.

The mechanism

A net flow is the money investors put into a fund minus what they took out. When investors sell more shares than they buy, an authorized dealer hands shares back to the fund, and the fund releases the ether behind them. Farside tallies these creations and redemptions fund by fund each trading day, in millions of dollars [1].

The figures show what fund holders did, not why. They also say nothing about what the ether price did, and we have not drawn that link.

The evidence

The window opens the session after an inflow day. On Oct. 13 the group took in $24.8 million [1]. From Oct. 14 the run turned.

Source: Farside Investors [1]. Totals are Le Coin's sums of Farside's daily figures. ETHA's issuer and fund name are Le Coin's labels; Farside lists tickers only.

Three things stand out. First, the two inflow days were small: $14.9 million on Oct. 21 and $4.4 million on Oct. 23. Together they offset about 2% of the $930.9 million that left on the other 11 days, by Le Coin's arithmetic. Second, the run sped up at the end. The worst day of the 13 was the last, Oct. 30, at −$155.7 million. The final week, Oct. 26–30, lost $431.4 million, close to half the window's total. Third, ETHA lost money on 12 of the 13 days and was flat on the other.

Split by calendar week, the window reads −$259.5 million for Oct. 14–16, a three-session week, then −$220.7 million for Oct. 19–23 and −$431.4 million for Oct. 26–30, by Le Coin's sums. The short first week lost about $86.5 million a session, a pace the final week only matched, at about $86.3 million a session. The middle week was the only one with any inflow days, and both came from funds other than ETHA.

The fund split shows how concentrated the loss is.

Source: Farside Investors [1]. Window sums by fund are Le Coin's. Farside lists tickers only; issuer names are Le Coin's labels.

By Le Coin's arithmetic, ETHA alone was about 93% of the net outflow. Fidelity's FETH moved the other way, taking in $82.1 million across the same 13 sessions, with inflows on nine of them. On Oct. 27, for example, FETH added $28.6 million while ETHA lost $93.3 million.

The other losers were smaller and more sporadic. Grayscale's ETHE lost money on five of the 13 days, for −$66.8 million. ETHB lost money on three days, all in the final two weeks, for −$52.3 million. Grayscale's smaller ETH fund lost −$29.7 million, more than all of it on Oct. 30.

That last day was different in kind. On Oct. 30, every fund with a reported flow lost money, FETH included, at −$3.3 million. The only other day in the window when both ETHA and FETH were negative was Oct. 19 [1]. For most of the run, the selling in one fund sat alongside buying in another. On the final day it did not, and that is the session that set the window's low.

The objection

There are two fair objections. The first is scale. Farside's since-launch total for U.S. spot ether funds is still $12,316 million [1]. The 13-session loss is about 7% of that, by Le Coin's arithmetic. In Le Coin's view, that is a meaningful drain, but it is far from a reversal of the funds' history. ETHA's own since-launch total is $11,869 million.

The second is the window itself. Starting on Oct. 14 means starting on a big outflow day, right after an inflow day. A window that began a day earlier would show a slightly smaller loss, $886.8 million. Any run of dates can be chosen to make a trend look sharper. The pattern holds under either start date, though: one fund losing money almost every day while a rival gains.

The tell (Le Coin's view)

In Le Coin's view, the number to watch is ETHA's daily print, not the group total. The group can turn positive on a good FETH day while ETHA keeps losing, as happened on Oct. 21. The first session with an ETHA inflow would be the clearest sign the drain is easing. A week in which FETH's inflows also stop would mean the exit is no longer about one fund.

Stop

U.S. spot ether ETFs lost a net $911.6 million from Oct. 14 to Oct. 30, with outflows on 11 of 13 days, according to Farside Investors. BlackRock's ETHA accounted for $848.2 million, while Fidelity's FETH took in $82.1 million.

Sources

• [1] Farside Investors, Ethereum ETF Flow (US$m): https://farside.co.uk/eth/, accessed Oct. 31, 2026, about 9:08 p.m. ET. Window totals, per-fund sums, shares and session counts are Le Coin's arithmetic from Farside's daily figures. Issuer and fund names (BlackRock, iShares Ethereum Trust, Fidelity, Grayscale) are Le Coin's labels; Farside lists tickers only.

Holding the Corner.

Not financial advice.