Ether ETFs Lose $202M on Oct. 6 as ETH Slides Below $2,600
US spot ether ETFs bled $202M on Oct. 6, nearly all from BlackRock's ETHA, a sixth straight outflow day. ETH fell 4.6% to $2,571 as bitcoin funds drew $119M.
US spot ether ETFs lost $202 million on Tuesday, Oct. 6, their sixth straight day of net outflows. Virtually all of it came from BlackRock's iShares Ethereum Trust (ETHA), which shed $201.89 million, according to SoSoValue data cited by KuCoin News and GN Crypto. Ether slipped below $2,600 on Oct. 7.
The details
In the previous five sessions, from Sept. 29 to Oct. 5, ether funds had already lost about $206 million, according to CryptoSlate. Including Tuesday, the streak now totals roughly $408 million, and the Oct. 6 outflow was the largest since Sept. 16. Spot ether ETFs hold $17.36 billion in net assets, about 5.27% of ETH's market cap, with cumulative net inflows of $13.55 billion since launch.
Bitcoin funds moved the other way. They took in a net $118.9 million on the same day, per TFTC, led by BlackRock's IBIT (+$122 million) and Morgan Stanley's MSBT (+$7.8 million), while Grayscale's Bitcoin Mini Trust lost $11 million. In other words, the largest issuer is gathering assets in its bitcoin product while bleeding them in its ether fund.
The pressure shows up in derivatives too. CoinGlass data cited by CryptoSlate shows about $222 million of long ETH positions liquidated over 24 hours, with funding rates flipping negative. The outlet estimates another $1.35 billion of longs could be at risk on a further decline, with the nearest large cluster around $2,511.
What it means for the market
Our data puts ether at about $2,571, down 4.6% over 24 hours and 3.6% over the week, and 48% below its $4,946 all-time high. Bitcoin fell 2.5% over the same period to around $83,400, after hitting an October low the previous day as oil and bond yields jumped.
The split between bitcoin and ether fund flows suggests institutions are currently more cautious on ETH than on BTC. Six consecutive outflow days is a notable signal, though against $17 billion in assets the week's redemptions amount to roughly 2.3%. Live numbers are on our ether page and in the daily brief.
