Ether exchange-traded funds lost $85.4 million on Monday, and BlackRock's bitcoin fund accounted for every dollar of $65.4 million in bitcoin outflows. Ether rose more than 3% overnight but remains below its 50-day average.
Crypto prices bounced overnight. The investors who buy through U.S. funds kept selling.
U.S. spot ether exchange-traded funds recorded net outflows of $85.4 million on Monday, their 10th consecutive session of withdrawals. BlackRock's iShares Ethereum Trust accounted for $75.1 million, or about 88% of the total. Ether funds held about $15.86 billion in net assets after the day.
Spot bitcoin funds lost $65.4 million, all of it from BlackRock's iShares Bitcoin Trust. Every other bitcoin fund recorded no flows. Bitcoin funds have now seen about $452 million of net outflows in October, trimming their 2026 net inflow to about $479 million.
The Overnight Bounce
Ether traded near $2,525 at about 4:45 a.m. Eastern on Tuesday, up about 3.3% since 8 p.m. Monday, after falling as low as $2,419 during a wave of leveraged liquidations. It remains below its 50-day moving average of about $2,556.
Bitcoin was near $83,660, above its 50-day average of about $80,940.
Other Funds
Solana funds lost $0.7 million, their sixth straight day of outflows, and funds tracking hyperliquid's token lost about $2.35 million. A Bitwise fund tracking NEAR took in about $3.98 million, one of the few positive prints.
The Coinbase premium, which compares bitcoin's price on the U.S. exchange with prices on offshore venues, has been negative for 20 straight days, a sign that U.S. buyers are paying less than traders elsewhere.
Fading Corporate Support
The fund outflows come as corporate buyers step back. Bitmine Immersion Technologies, which holds about 6 million ether, said Monday it is "largely finished" buying, with about 4.9% of the circulating supply.
Monday's ether outflow equals about 0.5% of the funds' assets. That is modest for a single day, but 10 straight days of selling with no inflow in between points to steady withdrawal rather than a single large exit.
Market Implications
One reading is that U.S. institutional demand for ether is draining while offshore leverage drives prices. Fund outflows, a negative Coinbase premium and the end of corporate buying all point the same way, and a rally built on short covering may not last.
A second reading is that the flows lag prices. Fund investors often sell into weakness and return after a rebound is established, and the outflows are small relative to assets.
What To Watch
Tuesday's fund flows will show whether the overnight bounce brings U.S. buyers back. Wednesday's inflation report and the end of ether's streak, if it comes, would be the first signs of a change in direction.