Ether ETFs Shed $184.6M in a Day as BlackRock Leads Redemptions

Detailed summary

The latest numbers from US spot Ether exchange-traded funds are another reminder that crypto’s institutional wrappers do not always move in sync with the networks beneath them.…

The latest numbers from US spot Ether exchange-traded funds are another reminder that crypto’s institutional wrappers do not always move in sync with the networks beneath them. Farside Investors reports $184.6 million of net withdrawals on Monday, November 9. BlackRock’s ETHA accounted for $119.3 million, making it the largest identifiable contributor to the day’s negative reading.

TL;DR: US spot Ether ETFs lost $184.6 million on November 9. BlackRock’s ETHA recorded $119.3 million in outflows, with additional withdrawals from several other products. The latest session extends a run of weakness, but ETF flows alone cannot tell investors whether Ethereum’s network use or long-term adoption is improving.

Monday’s fund table is more revealing than a single headline number. Besides ETHA, the negative entries included Grayscale’s ETH product at $25 million, BlackRock’s ETHB at $20.8 million, Fidelity’s FETH at $19.1 million and TETH at $2 million. Morgan Stanley’s MSSE reported a smaller $1.6 million positive flow. Netting these issuer-level movements produces Farside’s total of $184.6 million leaving the category.

It was the third consecutive negative session, after withdrawals of $99.9 million on November 5 and $93.3 million on November 6. Across those dates, approximately $377.8 million left the tracked funds on a net basis. NewsBTC’s earlier look at the November 5 outflow provides a useful baseline, while our October divergence report shows how quickly relative Bitcoin and Ether fund demand can change.

An ETF owns or obtains exposure to ETH for its shareholders. It does not capture every place ETH is held, used as collateral, staked or exchanged. The Ethereum network also supports stablecoin transfers, decentralized finance applications, tokenized securities and settlement activity. Those services can grow or contract independently of whether a US investment wrapper receives subscriptions on a particular day.

Equally, network activity is not automatically a bullish…

Bitcoi…

Opening of the article, excerpted from TradingView. To read the rest, open the article on the publisher's site.