In October, investors withdrew about $1.32 billion from US spot Ethereum ETFs. This is nearly a historic monthly outflow record: it falls short of it by roughly $100 million.
What these funds are. A spot ETH ETF is an exchange-traded fund that holds the cryptocurrency itself. Through it, large investors buy ETH like a regular stock, without wallets or an exchange.
Why this matters to a trader. Flows into such funds show institutional demand. While money is leaving, ETH is stuck in a sideways range, while Bitcoin ETFs are receiving inflows at the same time.
How close is the record?
- $1.32 billion - outflow from ETH funds in October
- $1.42 billion - the previous record, for all of November 2025
- 27 days - in that many days October nearly reached this mark entirely
- $60.2 million - net outflow on October 27
- $93.3 million - daily loss of BlackRock's iShares Ethereum Trust (ETHA), the day's worst result
Net outflow is the money investors withdrew from funds minus new purchases.
Source of the figures - the SoSoValue analytics service. At the time of the report, three trading sessions remained until the end of the month: from October 28 to 30.
Why isn't this a random spike?
The outflow is continuous, not a single day. The week of October 19 to 23 produced minus $220.6 million. For ETH funds, it became the fourth losing week.
- The gap with Bitcoin. Over the same period, ETH funds lost roughly six times more than BTC funds.
- Money is going into BTC. Spot Bitcoin ETFs received an inflow of $110.3 million on October 26.
- A weak base. Since spot ETFs launched in July 2024, ETH has lagged behind Bitcoin.
What does this mean for a trader?
The price is standing still. ETH itself traded around $2,340 on October 27 and barely moved over the day. It has been holding in a narrow range for two weeks already.
Key point: due to low volumes, even moderate withdrawals hit the daily ETH flow statistics harder. That is why the outflow figures look more dramatic than the price movement itself.
If there isn't enough volatility in crypto, you can pick a challenge for another market in advance.
What's next?
Two reference points have converged near the price. These are the on-chain average purchase price of ETH and the 200-day moving average.
- $2,310 - on-chain average purchase price, a CryptoQuant metric
- $2,315 - 200-day moving average
What follows from this zone. A sustained move below puts some holders into the red. This could increase selling pressure. We break down how to account for such levels in risk in the academy.
Trading ETH in this range?
Two weeks of sideways movement in ETH means trades worth tens of dollars if your deposit is measured in thousands. The range isn't to blame here. With an account that size, even a careful entry from a level gives you almost nothing. In prop trading, the trading notional is provided by the company: you pay for the challenge, pass it within its limits, and trade its account. It's calmer to understand this mechanic while the market is standing still, rather than at the moment it breaks out of the range.