Finance

Ethereum ETF Exodus: Is Institutional Sentiment Turning Bearish?

Ethereum ETFs saw $179.66M outflows, led by BlackRock, causing a 2.1% price drop amid selling pressure.

November 15, 2025, 10:51 AM

Gold Ethereum coin resting on the CPU socket of a computer motherboard.

A physical gold Ethereum coin is placed directly on a computer motherboard, linking crypto to technology. By MAHATHIR MOHD YASIN / Shutterstock.com.

Executive Summary

U.S. spot Ethereum ETFs recorded $179.66 million in net outflows on November 15, 2025, marking the fourth consecutive day of withdrawals.

BlackRock’s ETHA product accounted for the majority of these outflows with $175.03 million, while Grayscale’s ETHE also experienced $4.63 million in withdrawals.

The perpetual futures market indicates a selling bias for Ethereum, with long liquidations totaling approximately $2.7 million compared to just over $1 million in short liquidations, signaling sustained downward pressure.

The Story So Far

The recent downturn in Ethereum’s price and consistent spot ETF outflows, particularly a $179.66 million exodus from BlackRock’s ETHA product over four consecutive days, are largely attributed to a notable shift in institutional sentiment, potentially exacerbated by new XRP spot ETF offerings diverting liquidity and a derivatives market exhibiting sustained selling pressure through an imbalance of long versus short liquidations.

Why This Matters

The sustained net outflows from U.S. spot Ethereum ETFs, particularly from BlackRock’s product, signal a significant shift in institutional sentiment and growing investor caution, directly contributing to a notable drop in Ethereum’s price. This capital exodus, coupled with an imbalance in the derivatives market showing more long than short liquidations, indicates persistent downward pressure on the cryptocurrency, suggesting a challenging immediate outlook.

Who Thinks What?

Institutional investors are demonstrating a shift in sentiment and caution regarding Ethereum’s immediate outlook, as evidenced by four consecutive days of net outflows from U.S. spot Ethereum ETFs, totaling $179.66 million on the most recent day.

Participants in the perpetual futures market show a clear selling bias for Ethereum, with long liquidations significantly outweighing short liquidations, indicating sustained downward pressure on the token’s price.

Some analysts suggest that new XRP spot ETF offerings may be diverting liquidity from existing Bitcoin and Ethereum investment vehicles, contributing to the combined outflows from these products.

U.S. spot Ethereum exchange-traded funds (ETFs) recorded net outflows of $179.66 million on November 15, 2025, marking the fourth consecutive day of withdrawals from these investment products. This capital exodus contributed to a 2.1% drop in Ethereum’s price over a 24-hour period, with the digital asset having fallen as much as 3.8% earlier in the trading session.

ETF Outflows Dominated by BlackRock

BlackRock’s ETHA product accounted for the largest portion of the recent outflows, seeing $175.03 million exit its fund. Grayscale’s ETHE also experienced withdrawals, with $4.63 million leaving during the same period. Other Ethereum ETF products registered no significant net inflows or outflows.

The combined outflows from both Bitcoin and Ethereum spot ETFs surpassed $1 billion over the past day, with the majority stemming from Bitcoin products. Some analysts suggest that new XRP spot ETF offerings may be diverting liquidity from existing Bitcoin and Ethereum investment vehicles.

Derivatives Market Signals Selling Pressure

Data from the perpetual futures market indicates a clear selling bias for Ethereum. Long liquidations, which occur when leveraged buy positions are closed due to adverse price movements, totaled approximately $2.7 million over the past 24 hours.

In contrast, short liquidations, where leveraged sell positions are closed, amounted to just over $1 million during the same timeframe. This imbalance between long and short position liquidations suggests sustained downward pressure on the token’s price, as forced sales amplify declines.

Institutional Sentiment Shift

Despite a partial recovery from its earlier lows, Ethereum’s price remains sensitive to institutional investment flows through spot ETFs. The four-day streak of outflows, culminating in the significant $179.66 million on the most recent day, signals a notable shift in institutional sentiment.

The persistent pattern of more long positions being liquidated than short positions in the derivatives market continues to exert downward pressure on Ethereum’s price. This trend highlights ongoing investor caution regarding the cryptocurrency’s immediate outlook.