US Spot Ethereum ETFs Record $1.61B Outflow in October

A Challenging October for US Spot EthereumETH+0.88% ETFs

October turned out to be a demanding month for US spot Ethereum (ETH) exchange-traded funds (ETFs). Investors pulled a net total of $1.61 billion from these investment vehicles over the course of the month. This represents the single largest monthly outflow for Ethereum ETFs since they launched in July 2024.

The heavy withdrawals brought an end to a positive three-month streak of net inflows. At the same time, the spot price of Ethereum dropped by 16.1% during October, making it ETH's weakest October performance since 2016, according to data from CryptoRank.

Past performance of digital assets is not a guarantee of future returns. Investors can view real-time market data at bitkub.com/th/market/ETH.

Breaking Down the Five-Week Outflow Streak

Data provided by SoSoValue shows that net outflows occurred in every single one of the five calendar weeks that ended in October. This marked a complete shift from the strong institutional interest seen earlier in the third quarter.

The largest single week of redemptions occurred during the week ending October 9, when investors withdrew $542 million from spot Ethereum funds. This month's total of $1.61 billion surpassed the previous monthly outflow record of $1.42 billion from November 2025.

Here is a snapshot of how the key fund metrics changed throughout the month:

• Prior Inflow Run: Funds had attracted a combined $3.05 billion between July and September.
• Total Net Assets: Decreased from $17.60 billion down to $13.22 billion by the end of October.
• Cumulative Net Inflows: Slipped to $12.29 billion overall.

Understanding the Coinbase Premium Index Drop

Institutional and retail demand on spot exchanges also showed signs of cooling down in October. One useful metric for tracking US investor appetite is the Coinbase Premium Index, which measures the difference between ETH prices on Coinbase (often used by US investors) and global exchanges like Binance.

On October 29, the Coinbase Premium Index dropped to approximately -0.21, reaching its lowest level since February. While the metric later ticked back up slightly toward -0.13, it remains in negative territory.

When the Coinbase Premium Index is negative, it signals that selling pressure on US-based exchanges is stronger than on international platforms, highlighting cautious short-term sentiment among American traders.

SolanaSOL-1.15% ETFs Also Saw Outflows in October

Ethereum was not the only asset experiencing net capital exits. US spot Solana (SOL) ETFs also registered their largest monthly outflow since their launch in October 2025.

Solana funds recorded $143.7 million in net outflows during October. For context, their only other month of negative flows occurred back in June, when the funds lost a modest $786,577. The widespread redemptions reflect broader risk-off behavior across the crypto market during the month.

Market Scenarios and Analyst Perspectives

ETH is currently trading around $2,293.80, reflecting a 1.26% gain over a 24-hour window and a modest 1.39% uptick in early November trading. However, market analysts emphasize that key support and resistance levels will dictate short-term momentum.

Rather than relying on single target figures, technical analysts evaluate potential market paths based on conditional price levels:

• Downside Scenario: Analysts at More Crypto Online point out that if selling pressure persists and ETH stays below $2,522, a sustained break below $2,295 could lead to a test of lower support levels between $2,207 and $1,725.
• Upside Scenario: Conversely, market commentator Ted Pillows noted that if buyers step in and reclaim $2,400, it would serve as the first major technical signal of returning strength.

Crypto markets remain highly dynamic and subject to short-term price fluctuations. Macroeconomic conditions, shift in US regulatory news, and daily ETF flow changes can rapidly alter price trajectory in either direction.

Historical November Trends for Ethereum

Looking ahead, historical data from CryptoRank paints a mixed picture for Ethereum's performance in November:

• Median November Return: -1.90%
• Average November Return: +4.04%

Whether ETH trends toward its historical average or median this month will depend heavily on whether US spot demand recovers and whether ETF outflows begin to slow down.