US Ethereum ETFs Witness $10.9M Drain as ETH Dips to $2,400

• U.S. spot Ethereum ETFs experienced a net outflow of $10.9 million on Friday amid market volatility.
• Grayscale’s ETHE led the outflows with $11.4 million, while Invesco’s QETH ETF saw a small inflow of $0.5 million.
• Bitcoin ETFs had substantial net monthly inflows of $5.3 billion.

U.S. spot Ethereum exchange-traded funds (ETFs) experienced a net outflow of $10.9 million on Friday amid a broader crypto market downturn. Grayscale’s ETHE led the outflows, with $11.4 million withdrawn as investors reassessed their positions during market uncertainty.

In contrast to Grayscale’s losses, Invesco’s QETH ETF recorded a modest net inflow of $0.5 million yesterday, suggesting that some investors still see opportunities in Ethereum despite the broader market caution. Other U.S. spot Ethereum ETFs reported no fresh investments for the day.

The $10.9 million outflow coincides with recent fluctuations in cryptocurrency markets, leading investors to temporarily reduce their holdings. Specifically, the price of Ethereum dropped to $2,467 on November 1 after trading much higher at $2,700 on October 30.

Bitcoin ETFs Record Outflows

Like the U.S. Ethereum ETF market, the Bitcoin ETF market also recorded a significant capital drain on Friday, with an outflow of $54.9 million noted after seven consecutive trading days of net positive flows.

BlackRock’s IBIT led the outflow with $25.6 million, followed by Bitwise’s BITB ETF, which saw record outflows of $24.1 million. Grayscale was the only institution to record a positive flow of $13.5 million.

Bitcoin ETFs Saw Record Inflows in October

Despite recent outflows, data shows that the U.S. Bitcoin ETFs experienced substantial net inflows of $5.3 billion in October, marking the second-largest monthly inflow on record. BlackRock led these inflows, adding 66,309 Bitcoin worth $4.6 billion to its holdings, bringing its total to 433,713 BTC.

Fidelity and Bitwise also saw net inflows of $497 million and $137 million, respectively, while ARK Invest recorded a $77 million outflow.

Read also: Ethereum ETFs: Slow Start, But Future Bright, Says Bitwise CEO

U.S. ETFs Approach $1 Trillion in Inflows

Amid the significant interest in crypto-based ETFs, the broader U.S. ETF market is nearing a historic $1 trillion in annual inflows. As of October 31, U.S. ETFs are within $100 billion of surpassing the previous all-time high of $910 billion.

According to Bloomberg analyst Eric Balchunas, the steady daily inflow of around $4 billion could push the total to $970 billion, potentially reaching $1 trillion by year-end.