US spot Ethereum ETFs log record 23-day net outflow streak

US spot Ethereum ETFs just finished a month they would probably like to forget. The funds logged 23 consecutive trading days of net outflows, the longest losing streak since they launched in July 2024, according to on-chain analytics firm Glassnode. The run stretched through October 30, 2026, representing roughly a full month of investors heading for the exits with no single day of net buying to break the pattern.

The October damage added up to more than $1 billion in net outflows, making it the largest monthly drain these products have seen in 2026. October 30 alone accounted for $155.8 million in net outflows. The reversal looks sharper against the prior month when the same group of funds pulled in inflows of $832 million.

BlackRock leads the exodus

BlackRock's iShares Ethereum Trust, which trades under the ticker ETHA, was the leading contributor to the outflows and frequently made up a large portion of daily redemptions. On October 30, ETHA saw $76.6 million leave the fund, just under half of the $155.8 million that left all US spot Ethereum ETFs that day.

BlackRock was not alone. Grayscale's two products, ETHE and the lower-fee ETH, also registered meaningful outflows. Fidelity's FETH contributed to the selling as well, along with smaller issuers including Bitwise and VanEck.

The staking split

On-chain staking continued setting records during the same window that ETF investors were withdrawing. So one camp of Ethereum holders was digging in, while another camp, the one accessing ETH through traditional brokerage wrappers, was cashing out.

Market resilience

Ethereum's price stayed in a range between $2,200 and $2,500 throughout the outflow period. With ETH holding in this range through more than $1 billion in redemptions, the market showed it could absorb sustained ETF selling without a disorderly drop.

For all the red ink in October, the longer-term picture is less dramatic. Cumulative net inflows into US spot Ethereum ETFs since launch hovered around $12.29 billion as of October 30, with total net assets across the products standing at approximately $13.22 billion at the end of the month.