Five of the 11 funds recorded outflows on Monday. BlackRock’s two funds accounted for $140.1 million in withdrawals, while Morgan Stanley’s MSSE attracted $1.6 million.
US spot Ethereum funds posted a net outflow of $184.6 million on Monday, November 9. Farside Investors’ figures show that almost as much money left the funds on Monday as on Thursday and Friday combined. Net withdrawals continued for a third straight trading day.
Which fund recorded the largest outflow?
BlackRock’s ETHA, which tracks the price of ether, recorded $119.3 million in net withdrawals. Another $20.8 million left its staked ether fund, ETHB. Together the two accounted for $140.1 million, or about 76% of Monday’s net outflow.
Farside Investors’ daily report of a $119.3 million net outflow from ETHA
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Grayscale’s ETH fund shed $25 million and investors withdrew a net $19.1 million from Fidelity’s FETH. A further $2 million left 21shares’ TETH. Net withdrawals across those five funds came to $186.2 million. An inflow of $1.6 million into Morgan Stanley’s MSSE brought the overall figure down. Farside reported $0.0 million for each of the five remaining tickers: ETHW, ETHV, QETH, EZET and ETHE.
ETHA aims to track the price of ether, the native asset of Ethereum. ETHB also aims to earn staking rewards by committing part of its ether to help validate activity on the network. In a March 18 video, starting at 0:18, iShares explains how investors can participate in those rewards through ETHB shares in a brokerage account. Shareholders do not have to run a validator themselves.
How did the three-session run begin?
On Wednesday, November 4, the funds took in a net $53 million. The following day, $75.2 million left ETHA and $22 million left ETHB. On Friday, ETHA’s outflow widened to $90.8 million while ETHB took in $1.1 million. ETHB returned to net outflows on Monday, the next trading day. Across the three sessions, withdrawals from ETHA alone totaled $285.3 million.
| Trading day | Net flow |
|---|---|
| Wednesday, November 4 | +53.0 |
| Thursday, November 5 | −99.9 |
| Friday, November 6 | −93.3 |
| Monday, November 9 | −184.6 |
Farside reports daily flows to the nearest $100,000. Its five daily totals for November 2–6 add up to a net outflow of $365.2 million. US spot Bitcoin funds posted $1.28 billion in net withdrawals that week. Adding the weekly and three-session ether totals would count Thursday and Friday twice. Over the full month of October, net withdrawals from the ether funds totaled $1.61 billion.
What happens when ETF shares change hands?
When an investor sells an exchange-traded fund share on the exchange, the buyer pays the seller. The trade counts toward exchange volume. The number of fund shares outstanding stays the same. As iShares explains in its ETF guide, authorized participants deal directly with the fund to create or redeem shares in large blocks.
Net flow measures the value contributed for newly created shares less the value returned for redeemed shares. Even with the share count unchanged, a drop in ether’s price can reduce the dollar value of a fund’s holdings. The $184.6 million figure measures net withdrawals. It does not identify how many investors sold, whether they made or lost money, or why ether’s price moved.
