U.S. Ethereum Funds See $21.4 Million in Outflows on October 28
Key Facts
U.S. spot Ethereum funds recorded net outflows of $21.4 million on October 28, 2026, according to Farside Investors data, signaling renewed withdrawals from investment products tied to the cryptocurrency. This followed two consecutive days of outflows, totaling $88.6 million on October 26 and $60.2 million on October 27. The funds had recorded net inflows of $4.4 million on October 23, after $110.6 million flowed out the previous day. That puts the limited positive flow on October 23 between two waves of withdrawals, with net flows returning to negative territory in the following days. Across the sessions from October 12 to 16, net outflows totaled $320.1 million, according to Farside data compiled by SatoshiNakamoto.TV.
The latest outflows coincided with Ethereum’s closing price in EL7 data falling to $2,335.74 on October 29, from $2,359.68 on October 28. Compared with October 22, when the close was $2,389.14, the October 29 close was also lower. These figures show daily closes and do not represent intraday price movements or an intraday low. In a separate series, data from the Federal Reserve Bank of St. Louis showed Ethereum’s price on Coinbase rising from $2,320.66 on October 26 to $2,345.06 on October 27, then to $2,356.92 on October 28. This benchmark comparison differs from EL7’s daily closing data, but records consecutive gains over those days before the lower October 29 close in EL7 data.
The fund figures reflect one aspect of institutional demand for Ethereum, while staking data show that a large amount of the cryptocurrency remains committed to the network. Ethereum held in staking reached 43.8 million coins at the end of September, equivalent to about 36% of total supply, according to a Bitwise report cited by The Block. That means more than a third of the supply was staked at month-end, based on the report’s stated percentage. But the average annual staking yield fell to 2.63% in the third quarter, compared with 2.81% in the second quarter. The figures show a combination of growth in staked assets and a lower quarterly yield, alongside outflows from spot funds during October.
Meanwhile, Bitmine increased its Ethereum holdings during the week before its October 26 report, according to a company statement cited by The Block. The company added 10,452 coins during the week, bringing its Ethereum treasury to 6,051,933 coins on October 26. The increase offers an example of one company continuing to expand its holdings during the same period that saw money leave U.S. spot funds. Bitmine’s increased holdings do not negate the outflow data, just as fund flows alone do not describe all institutional investors’ decisions. Investment product flows and corporate holdings remain separate channels for tracking demand for the cryptocurrency.
On network development, the Ethereum Foundation announced on October 22 that it was postponing the Glamsterdam upgrade on the Hoodi network, which had been scheduled for activation on October 26. The foundation did not set a replacement activation date, according to its announcement. The delay concerns the Hoodi network, while the official roadmap places the Glamsterdam upgrade on mainnet in the fourth quarter of 2026. However, the mainnet date has not yet been confirmed, according to ethereum.org. These details leave the mainnet upgrade date unspecified, while the fourth quarter remains the target period published in the roadmap.