U.S. Ether Funds See $139.7 Million in Outflows for Sixth Straight Session

Key Facts

U.S. spot Ether exchange-traded funds recorded net outflows of $139.7 million on Nov. 2, 2026, according to Farside Investors data, extending their outflow streak to a sixth consecutive session. Most of the withdrawals came from BlackRock’s ETHA, while inflows into MSSE offset only a limited portion. That puts the Nov. 2 session within a wave that began in late October, with outflow sizes varying markedly from day to day. At the same time, the funds’ cumulative net flows remained positive since launch, underscoring the difference between daily money movements and the accumulated total. The data did not attribute the outflows to a specific cause.

ETHA recorded net outflows of about $138.3 million on Nov. 2, while BlackRock’s ETHB saw outflows of $4.6 million. On the other side, Morgan Stanley’s MSSE attracted inflows of $3.2 million. As a result, total withdrawals from BlackRock’s two funds exceeded the limited inflows into MSSE, leaving the U.S. group with net outflows of $139.7 million for the session. The figures show that the day’s net flow was not evenly distributed across products, with the vast majority of outflows concentrated in ETHA. Flow data alone does not explain investors’ decisions or their motives.

Gross outflows extended over six consecutive trading sessions: Oct. 26, 27, 28, 29 and 30, followed by Nov. 2, according to Farside’s sequence. Net outflows totaled $88.6 million on Oct. 26 before reaching $155.7 million on Oct. 30. The Nov. 2 session recorded outflows of $139.7 million, below the Oct. 30 total and above the Oct. 26 figure. The comparison shows that withdrawals varied in size during the streak, with at least two days recording outflows above $88 million. The sequence does not include sessions absent from the figures provided.

Since the funds’ launch, cumulative net flows totaled $12.177 billion through the Nov. 2 row in Farside’s table. ETHA alone recorded cumulative net inflows of $11.731 billion, compared with $828 million for ETHB. This cumulative balance differs from the net flow recorded in a single session; daily outflows of $139.7 million did not erase the funds’ positive cumulative total. ETHA and ETHB figures also reflect each fund’s total since launch, not flows on Nov. 2 alone. These figures provide a measure of flows over the products’ lifetimes, while each session’s result remains subject to change.

BlackRock says ETHA generally seeks to reflect Ether’s price performance and provides exposure to the currency through a traditional brokerage account without the complications of directly holding crypto assets. The fund was established on June 24, 2024, after the U.S. Securities and Exchange Commission on May 23, 2024, approved rule changes allowing the listing and trading of shares in Ether-based exchange-traded products. That approval provides the regulatory backdrop for the launch of spot funds, while BlackRock’s description outlines the exposure ETHA offers investors. The fund’s net assets were $6,957,093,766 on Nov. 2, 2026. On the same day, its daily net asset value rose by $0.43, or 0.85%, to $50.85.

On a year-to-date basis, ETHA’s net return through Oct. 30, 2026, was down 24.98%, according to iShares data. That figure covers the fund’s performance through Oct. 30 and does not represent its performance on Nov. 2, when its daily net asset value rose 0.85%. BlackRock shares closed at $1,167.15 on Nov. 2, according to EL7 data. These figures provide separate indicators: fund net flows, ETHA’s asset value, the fund’s return and the company’s share price. These indicators alone do not establish a causal relationship between movements in BlackRock’s share price and flows into Ether funds.

Regarding the network’s next development, the Ethereum Foundation announced on Oct. 22 that it was postponing the Glamsterdam upgrade on the Hoodi testnet, which had been scheduled for activation on Oct. 26, 2026, without setting a replacement date. The foundation said the announcement concerned Hoodi and did not set a date for the upgrade on the mainnet, and that a revised activation schedule for the testnet would be announced later. Ethereum’s roadmap describes Glamsterdam as the next upgrade after Fusaka and places its expected mainnet timing in Q4 2026, with no specific date confirmed. These dates concern the network upgrade and do not by themselves explain the fund flows recorded on Nov. 2.