Key Highlights

  • US spot ether ETFs had $1.08 billion of net outflows in October through October 20, the largest monthly outflow of 2026.
  • The outflows erased September's net inflows of $832 million.
  • Ether fell 9.7% in October to $2,438 on October 21 and was down nearly 18% for 2026.
  • The iShares Ethereum Trust lost $477 million of the $542 million of outflows in the week of October 5 to October 9.
  • Ether funds lost $110.6 million on Thursday, October 22, while bitcoin funds lost $635.6 million.

Ether ETF Outflows: Why Are Funds Losing Money While Bitcoin Funds Hold Up Better?

US spot ether ETFs had net outflows of $1.08 billion in October through October 20, the largest monthly total of 2026 and the biggest since November 2025. The withdrawals wiped out the $832 million of inflows recorded in September, and ether fell 9.7% in the month, from about $2,700 to $2,438 on October 21.

Bitcoin has held up better. It stood at $82,954 on October 21, down 2.2% since October 1 and 5.3% for the year, while ether was down nearly 18% for 2026. Bitcoin funds also drew $1.05 billion on October 19 and October 21 combined, a calculated total, whereas ether funds saw net outflows on both Monday and Tuesday.

Ether ETF Flows: What Do the Daily Numbers Show for October?

The week of October 5 to October 9 produced $542 million of ether fund outflows, with the iShares Ethereum Trust (Nasdaq: ETHA) accounting for $477 million. Bitcoin funds lost about $681 million that week.

Daily figures since then show persistent selling: outflows of $56.1 million on October 9, $85.4 million on October 12, $129.5 million on October 14, $60.3 million on October 15 and $69.7 million on October 16. The only inflows were $24.8 million on October 13 and $14.9 million on October 21.

Funds lost $103.3 million on October 19, $26.1 million on October 20 and $110.6 million on Thursday, October 22. The ten sessions from October 9 to October 22 netted about $601 million of outflows, calculated from those totals.

Ether Funds Versus Bitcoin Funds: What Changed Since August?

The mood was different two months ago. On August 20 ether funds took in $220.8 million, their largest single day since October 2025, and August inflows reached about $754.9 million with total net assets of $13.58 billion.

Year-to-date net inflows into ether funds were still about $485 million as of October 21, so the sector has not fully reversed. By contrast, bitcoin funds had year-to-date net inflows of roughly $809 million, and those funds took in $6.34 billion in the third quarter.

In mid-July ether funds were already lagging, with outflows of $28 million on one July day while bitcoin funds drew $79.1 million.

Ether Watch: Which Signals Matter After the Fed Meeting?

The Federal Reserve meets on October 27 and 28, and inflation data that has pushed bitcoin below $80,000 at times this month will continue to influence risk appetite. Investors will watch whether ether funds can stop the daily outflows, how the price reacts around $2,400, and whether the gap with bitcoin fund flows narrows before October closes.