Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
On October 17, 2025, U.S. spot Ethereum Exchange-Traded Funds (ETFs) experienced significant liquidity withdrawals, with total net outflows reaching $232.8 million across all funds, according to SoSoValue tracker data. This widespread investor retreat reflects a prevailing negative sentiment in the cryptocurrency market, exacerbated by recent price declines in Ethereum and Bitcoin.
Major Funds See Outflows
BlackRock’s ETHA fund was hit hardest, recording a $146 million outflow. Fidelity’s FETH and Grayscale’s ETHE also saw substantial withdrawals, losing $30 million and $26 million respectively in a single day. Bitwise’s ETHW and VanEck’s ETHV contributed to the trend, with outflows of $20.6 million and $4.9 million, while products from Franklin Templeton, 21Shares, and Invesco remained unchanged.
This performance marks the fifth worst week for the Ethereum spot ETF segment since its inception in July 2024, and the third most challenging in the last eight months. The consistent outflows highlight ongoing investor caution following a broader market downturn.
Bitcoin ETFs Also Bleed
The negative trend was not confined to Ethereum, as Bitcoin spot ETFs registered even larger outflows, shedding $367 million over 24 days. The previous week was noted as the second most bearish in Bitcoin ETF history, with over half a billion dollars lost in seven days. These figures underscore a pervasive cautious sentiment among investors across the crypto ETF landscape.
Underlying Asset Performance
Underlying the ETF withdrawals, Ethereum’s price recently dropped below $3,700, suffering a 13% loss in just three days. Despite a subsequent rebound, bears capped the ETH price at $3,923, preventing a return above the $4,000 mark. Similarly, Bitcoin has struggled to maintain its position above $105,000, a critical level for short-term investor expectations.
Market Uncertainty Persists
The collective outflows from both Ethereum and Bitcoin spot ETFs, coupled with their underlying assets’ struggle to recover pre-crash values, signal a challenging period for the cryptocurrency market. Investors appear to be exercising significant caution following the crypto market collapse on October 11, contributing to widespread liquidity withdrawals.
