Spot Ether Funds See $1.18 Billion in Net Outflows in October
Key Facts
U.S. spot Ether funds saw net outflows of $1.18 billion from October 1 to 23, 2026, according to Stakefish, citing Farside Investors data. BlackRock’s ETHA accounted for $1.0294 billion of the total, making it the largest contributor to the month’s recorded withdrawals. Daily outflows peaked on October 6, when a net $201.9 million left the funds. But flows were not negative in every session: the funds recorded a net inflow of $4.4 million on October 23. Fidelity’s FETH brought in $3.6 million of that flow, the report said.
Daily data show fluctuations in the direction of flows during the second half of the month. On October 12, the funds recorded net outflows of $85.4 million, before taking in $24.8 million on October 13. Flows returned to negative territory on October 14, with $129.5 million exiting, followed by $60.3 million on October 15 and $69.7 million on October 16. Net outflows reached $103.3 million on October 19, then $110.6 million on October 22. These figures place the positive flow recorded on October 23 after a series of outflow days, without reversing the monthly net withdrawals.
Spot Ether funds had net assets of $14.57 billion on October 22, according to Stakefish, citing SoSoValue. Those assets represented about 5.01% of ETH’s market capitalization on that date. In the market, Ether closed at $2,389.14 on October 22 and at $2,309.73 on October 26, according to EL7 data. The decline in closing prices between the two dates coincided with the net monthly outflows recorded through October 23. These figures do not establish that fund redemptions caused the price decline.
Cumulative net flows since the funds’ launch totaled $12.748 billion through October 26, 2026, according to Farside Investors. That figure measures flows since the funds began trading, while the $1.18 billion figure covers October flows through October 23. In a quarterly filing with the U.S. Securities and Exchange Commission, iShares Ethereum Trust reported that the value of Ether delivered to redeem shares totaled $811,791,042 in the six months ended June 30, 2026. The filing concerns the fund’s redemptions in the first half of the year, not monthly flows in October. These figures provide separate context for the fund’s recorded redemption activity.
On the network development front, the Ethereum Foundation postponed activation of the Glamsterdam upgrade on the Hoodi testnet, which had been scheduled for October 26, 2026, at 17:42:48 UTC. The foundation said in its announcement that a new activation date had not been set. The postponement, according to the foundation, allows further investigation into EIP-8037’s interactions with smart contracts on mainnet. The decision also removed a plan to raise Hoodi’s gas limit to 200 million at the postponed activation time. Activation of the Amsterdam execution layer and the Gloas consensus layer, both scheduled as part of the upgrade, was also removed.
Glamsterdam proposals, including EIP-8037 and EIP-8038, would reset the cost of creating and accessing state data to reflect the work those operations require. The Ethereum Foundation said most issues identified during testing are resolved by raising the gas limit, and that the vast majority of smart contracts are unaffected. The Hoodi postponement comes as compatibility of the proposed changes with existing smart contracts is examined. The upgrade aims to improve layer-one scalability by reorganizing transaction processing and database management. The roadmap points to an expected mainnet release in the fourth quarter of 2026, but the date has not yet been confirmed.