US Spot Ethereum ETFs Log 23 Straight Days of Outflows, Glassnode Says, With Over $1 Billion Out in October

U.S. spot Ethereum ETFs have now gone 23 straight trading days without a net inflow, the longest losing streak since the products debuted in July 2024, according to on-chain analytics firm Glassnode. The run extends through Friday, October 30.

October's net outflows topped $1 billion, the largest monthly drain these funds have seen in 2026. The month before, in September, the same group took in $832 million.

Glassnode says the pattern shows weakening demand from traditional finance investors, who bought heavily in August and September.

Friday's damage, fund by fund

On October 30, the funds shed about $155.85 million, according to SoSoValue data. Here is where it came from:

• BlackRock's ETHA: $76.64 million
• Grayscale's Ethereum Mini Trust (ETH): $34.14 million
• Grayscale Ethereum Trust (ETHE): $21.51 million
• BlackRock's ETHB: $19.51 million
• Fidelity's FETH: $3.33 million
• Morgan Stanley's MSSE: about $720,000

The other five of the 11 funds recorded no flows. BlackRock's two products accounted for roughly 62% of the day's total.

Friday's figure was about 48% higher than the previous day's $105.48 million outflow.

The streak length is not settled

SoSoValue's daily figures, as reported by Altcoin Buzz, describe a shorter run. They put the streak at five consecutive sessions beginning October 26, with about $88.6 million out that day and roughly $431.4 million out across the five sessions through October 30.

Glassnode's 23-day count and the five-day count cannot both describe the same unbroken streak. The two sources agree on the October 30 figures and on the cumulative totals.

A trim, not a stampede

The selling has not wrecked the price. Ether stayed in a range of roughly $2,200 to $2,500 during the outflow period. SpendNode reported ether at $2,258 as of November 1, up about 0.6% on the day but down roughly 4% over the prior week, with the Crypto Fear and Greed Index at 35, in Fear territory.

The funds' cumulative net inflows since launch stand at about $12.29 billion. Total net assets were about $13.22 billion as of October 30.

That is the argument made by analysts at SpendNode, who call a billion dollars leaving a $13 billion asset base "a trim rather than an unwind." Their view is that the signal is in the streak, not the size. They say the dip-buying reflex that carried these funds through their first year has gone quiet.

The ETFs were widely cited as the cleanest channel for institutional money into ether. A month of redemptions complicates that pitch, even if the dollar amount is modest against the asset base.

Staking tells a different story

While ETF holders left, on-chain staking kept setting records. PANews reported Ethereum staking hit a record 43.8 million ETH, even as the Q3 annualized yield fell to 2.63%.

The two groups are reading the same asset differently. Holders who access ether through traditional brokerage wrappers were cashing out while on-chain staking climbed.

Binance hack in the same news cycle

The outflows landed alongside what is being described as the largest crypto theft on record. Binance said an incident involving what it described as a compromised DevOps engineer's laptop let an attacker reach a service container and submit unauthorized withdrawals. The exchange put the total impact at about $6.3 billion, with roughly $3 billion frozen on-chain.

Binance said it found "no evidence of any wallet private key leak." It said it would cover all losses from its SAFU fund and company funds and would publish an updated Proof of Reserves once remediation is complete. Co-CEO Richard Teng said: "your money is safe, and we're covering every loss."

Binance later said it had replaced 90% of the stolen assets and was targeting a Sunday resumption of withdrawals. CoinDesk reported that the FBI has confirmed North Korea's role in the hack and asked the DeFi community to block related addresses. Binance has promised a technical post-mortem once its investigation is complete.

Altcoin Buzz noted that the available ETF flow data does not establish that the Binance incident directly caused the Ethereum fund withdrawals.

What comes next

The next ETF flow data will show whether the outflows continue. Altcoin Buzz said the key figures to watch are whether the streak continues, whether BlackRock's ETHA keeps leading redemptions, and whether other Ethereum investment products begin attracting enough capital to offset withdrawals.

Binance's Sunday withdrawal target is the other date to watch.