Crypto: Investors Flee Ethereum ETFs in October

Ethereum ended October 2026 with a 16.06% decline, while US spot ETH crypto ETFs recorded $1.61 billion in net outflows. A monthly record since their launch in July 2024. The market’s second cryptocurrency thus closes three consecutive months of gains, with a price back around $2,250. BlackRock accounts for most of the withdrawals.

Ethereum loses 16% after three months of gains

October was expected to extend Ethereum’s rebound. The previous month, the ETH crypto had gained 8.79%, after an increase of 32.60% in August and 18.52% in July. The turnaround was swift. From the start of the month, Ethereum ETFs were already showing signs of weakness. Capital outflows then accelerated, accompanying the price decline.

Ethereum had nevertheless started October approaching $2,800. The resistance held. In a few sessions, the crypto fell back to around $2,400.

An attempt to recover to $2,560 was not enough. On October 15, the release of US inflation data accompanied another fall toward $2,300. Buyers returned a few days later, allowing ETH crypto to temporarily regain $2,520 on October 21.

The last week erased that rebound. On October 30, Ethereum dropped to $2,150, its lowest level in two months, in a crypto market also shaken by the Binance hack.

ETH ultimately closed October around $2,250. The monthly loss reached 16.06%. However, the decline remains less than the corrections in January, February, and June, when the crypto had respectively lost 17.59%, 19.63%, and 21.69%.

Crypto ETH ETFs lose $1.61 billion

US-listed funds had an even more difficult month. According to SoSoValue data, spot Ethereum ETFs recorded $1.61 billion in net outflows in October. The previous record dates back to November 2025, with about $1.42 billion.

The situation is particularly unbalanced. Out of 22 trading sessions, only three recorded net inflows: $24.84 million on October 13, $14.96 million on October 21, and $4.35 million on October 23.

All other sessions ended in the red. The phenomenon had started before mid-October. Cointribune already reported $542.1 million withdrawn from Ether ETFs in one week, their worst weekly result since January.

BlackRock suffered particularly. Its iShares Ethereum Trust fund, known by the symbol ETHA, recorded about $1.42 billion in net outflows during the month. Grayscale’s ETHE product lost nearly $119 million.

Fidelity is an exception. Its FETH crypto ETF shows about $36 million in net inflows for October. Overall, net inflows of Ethereum ETFs since their launch have dropped from $13.89 billion at the end of September to $12.29 billion by the end of October. These are financial flows, not only valuation losses due to price declines.

Can Ethereum find buyers again in November?

November begins with several uncertainties. Ethereum ETFs ended October with five consecutive sessions of outflows. The last one, on October 30, represents about $155.7 million in withdrawals.

Investors will therefore watch the first November sessions to see if institutional flows stabilize. Price history also shows that November can reserve significant moves. Ethereum gained 59% in November 2020, before falling 43% that same month in 2018.

These performances do not allow forecasting those of 2026. The crypto market must also contend with the slowdown in purchases by certain companies. BitMine, one of the largest institutional ETH holders, in particular approaches its target of 5% of the total supply.

The company already held more than 6 million ETH as of October 18. Once this cap is reached, its regular purchases should stop, according to the strategy announced by Tom Lee. The decline in ETFs and slowdown in institutional accumulations could therefore leave fewer buyers to absorb new sales.

Nonetheless, Ethereum retains a significant base of investors and uses in decentralized finance, stablecoins, and staking. After three months of gains, October marks a sharp correction. The next ETF data will measure investor appetite, while BitMine is already preparing to end its massive Ethereum accumulation. For ETH, the return of capital will be crucial to attempt to recover the levels lost in October.