Ethereum ETFs See Ninth Straight Outflow Day as Shorts Build
The outflow came entirely from BlackRock’s fund, while derivatives traders are building about $5 billion in shorts. ETH remains under pressure around $2,496 after weak spot demand.
Key Takeaways
- U.S. spot Ethereum ETFs saw $56.1 million in outflows on October 9, all from the BlackRock fund.
- Since September 29, about $697 million has left these ETFs, bringing total assets down to $15.71 billion.
- Short positions are piling up around Ethereum, with about $5 billion in shorts versus $1.53 billion in longs.
Investors pulled $56.1 million (€50.1 million) out of U.S. spot Ethereum ETFs on October 9. That marked the ninth straight day of outflows, and the money came entirely from BlackRock’s fund. At the same time, derivatives traders are building short positions around Ethereum, while the price stayed around $2,496 (€2,230).
Outflows Keep Going
U.S. spot Ethereum ETFs have been showing weakness for days. Since September 29, about $697 million (€622 million) has left these products. That has wiped out most of the $850.8 million (€759 million) that flowed in during the seven sessions before that.
Total assets in the funds now stand at $15.71 billion (€14 billion), according to SoSoValue. At the end of September, that figure was still nearly $17.9 billion (€16 billion). The current streak of outflow days matches the nine-day run between June 17 and June 30, showing that pressure on these products is once again sticking around.
Shorts Are Piling Up Above ETH
While ETF money is flowing out, bets on a further drop in ETH are growing. According to analyst Ted Pillows, there is about $5 billion (€4.5 billion) in shorts versus $1.53 billion (€1.4 billion) in longs. He also pointed out that most of Ethereum’s downside liquidity has been taken out of the market for now, while spot demand is weakening.
That leaves the market vulnerable to bigger moves if the price keeps falling or if short positions have to be closed. Earlier this week, Pillows named $2,547 (€2,270) to $2,565 (€2,290) as support, with $2,190 (€1,950) as a possible next level if that zone breaks. ETH has now fallen below that area.
Why This Matters
For European crypto followers, this matters mainly because it shows how quickly institutional demand can shift between Bitcoin and Ethereum. During the same period, Bitcoin funds saw $21.13 million (€18.9 million) in inflows on Friday, after a sharp outflow earlier in the week. That preference was also visible on Binance: customers withdrew 183,602 ETH in September and added Bitcoin.
The broader backdrop helps explain why Ethereum ETFs remain especially sensitive to macro news and changing risk appetite. The earlier wave of outflows from Ethereum ETFs also showed how quickly sentiment around these funds can flip.
