$1.35 Billion Leaves US Ethereum Funds in Second-Largest Monthly Outflow
Key Facts
US spot Ethereum funds recorded net outflows of about $1.35 billion in October through the 29th, their second-largest monthly total on record, according to a BeInCrypto report citing SoSoValue. The flows came during a month in which Ethereum’s price fell 13.6%, its weakest October performance since 2018, the report said. Farside data show outflows continued for three consecutive sessions late in the month, with $88.6 million leaving on October 26, $60.2 million on October 27 and $21.4 million on October 28. On October 26, BlackRock’s ETHA fund recorded $104.7 million in outflows, offset by $16.1 million in inflows to Fidelity’s FETH. That left daily net outflows at $88.6 million, as fund flows reflected recurring pressure during the month.
Monthly outflows totaled about $1.35 billion, compared with the record $1.42 billion in November 2025, the report said. October was about $78 million short of the record, with two trading sessions remaining when it was published on October 29. The funds also recorded net outflows in 17 of 20 trading sessions through October 28. October 26 was not the month’s largest outflow: net outflows reached $160.9 million on October 7 and then $129.5 million on October 14, according to Farside’s table. On October 22, $110.6 million left before the funds recorded net inflows of $4.4 million the following day.
Alongside fund flows, on-chain analytics platforms tracked more than 10 large transfers from wallets that had been dormant for long periods between October 5 and 29, moving a combined total of about 56,000 Ethereum, according to BeInCrypto. Four of the five largest transfers went directly to Coinbase or Kraken. In the largest transfer cited, one wallet sent 13,330 Ethereum to Coinbase on October 5, worth about $36.37 million, the report said. The timing of these transfers alongside the outflows provides additional context for market activity during the month. But a transfer to an exchange does not by itself prove the coins were sold, and the report does not say these transfers caused the fund outflows.
On October 28, the Federal Reserve kept its target range for the federal funds rate at 3.75% to 4%, with the decision approved by a 10-to-2 vote. The central bank described economic activity as “expanding at a solid pace,” and said domestic spending had remained resilient and capital investment was strong. It added that uncertainty remained elevated in part because of geopolitical developments. The decision provides a monetary-policy backdrop concurrent with Ethereum’s weakness and fund outflows, though the Fed statement did not attribute those moves to its policy or mention the cryptocurrency market. EL7 data showed Ethereum closing at $2,359.68 on October 28 and $2,335.74 on October 29.
Looking ahead, the BeInCrypto report said two trading sessions remained in October when it was published, leaving the monthly total subject to change. The report quoted analyst Ted Pillows as saying Ethereum could retest the $2,200 level. It said a move back above $2,400 would be the first major sign of strength in November. These levels remain views cited by the report, while the next immediate development is the release of flow data for the two remaining trading sessions. At that point, October’s total was approaching the monthly record set in November 2025.