EL7 Research · Crypto Assets

11 October 2026 · Flows through the 9 October session and prices through the 10 October close

Ether funds lost five times as much of their assets as Bitcoin funds: why did money leave before prices fell?

About 1.25 billion dollars left US spot Bitcoin, Ether and Solana funds in one week, with Bitcoin accounting for the largest share. But when we measured outflows against each category's assets and tracked who sold and when, we found that Ether funds lost 3.10% of their assets versus 0.62% for Bitcoin funds, that money began leaving before prices fell, and that hedged investors find no return in Ether above Treasury bills to keep them invested.

3.10%

Share of US spot Ether fund assets withdrawn in the week of 5 to 9 October

0.62%

Share of spot Bitcoin fund assets withdrawn in the same week

88%

BlackRock's ETHA share of Ether outflows, versus net inflows into IBIT

days out of 61 when the Ether spread was below the Treasury bill yield since 12 August

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