Strong inflows in the preceding week gave way to withdrawals. Fidelity led the three-day outflows, while missing figures for the latest session prevented a final reading of the week.
U.S. spot Ethereum ETFs recorded $117.8 million in net outflows over the three trading sessions from September 29 to October 1. Our review of Farside Investors’ fund-by-fund data shows demand reversing after strong inflows in the preceding week. Nearly half of the three-day withdrawal total came from a single product, Fidelity’s FETH.
The run began with a modest $2.8 million outflow on September 29, followed by two sessions with withdrawals above $50 million.
Fidelity accounts for nearly half the outflows
| Trading session | Total net outflow |
|---|---|
| September 29, 2026 | $2.8 million |
| September 30, 2026 | $59.6 million |
| October 1, 2026 | $55.4 million |
FETH lost a net $56.8 million over the three sessions, or roughly 48% of the total. Grayscale’s ETHE saw $27.9 million in net outflows over the same period. The funds did not all move in the same direction: Grayscale’s lower-cost ETH product took in $12.8 million on September 29, offsetting much of that day’s withdrawals elsewhere.
The preceding week looked markedly different. All five sessions from September 21 to 25 were positive, bringing in a combined $689.8 million. Another $17.1 million arrived on September 28. The subsequent three-day retreat did not erase those inflows in full, but it ended the sequence of positive sessions.
October 2 figures still have gaps
In a post dated October 3, Farside reported a further $17.3 million outflow from FETH for the October 2 session. BlackRock’s ETHA and ETHB columns were still blank in the table we checked. The displayed negative $17.3 million therefore should not be treated as a final daily total covering every fund.
Farside’s report of a $17.3 million FETH outflow
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Net outflows are not the same as a fall in fund value. ETF flows track amounts associated with net share creations and redemptions. Assets under management can also change with the ETH price. Our guide to flows, assets and volume using Bitcoin ETFs explains why these measures are not interchangeable.
At 15:09 UTC on October 3, CoinGecko showed the Ethereum price near $2,680. That quote and the preceding sessions’ ETF figures refer to different observation periods; the data is not enough to attribute the price move solely to fund withdrawals.
ETFs capture the part of ETH demand visible through exchange-traded funds. Our Ethereum analysis also examines network activity, fee burning and staking as distinct sources of longer-term demand. Among the next Ethereum developments to watch is the completion of the October 2 flow table across all funds.
