Spot Ethereum ETFs see largest outflow week since inception, as ETH reclaims $4,000

Spot Ethereum ETFs saw their highest weekly outflows on record last week, as the prices of most of the world's leading cryptocurrencies dipped. 

The ETFs saw a combined $795.6 million worth of outflows for the week ending Sept. 26, according to SoSoValue data, with over $10 billion in trading volume. The outflows just outpaced the second-worst week for the funds, the week ending Sept. 5, which saw $787.7 million worth of outflows. 

Over $200 million flowed out of BlackRock's industry-leading ETHA fund, which still holds assets under management (AUM) worth over $15.2 billion, last week. Yet the Fidelity Ethereum Fund (FETH), the third-largest fund by AUM, saw over $362 million worth of outflows over the same period. 

As ether's price dipped below $4,000 on Thursday and Friday, the spot ETFs saw around $250 million worth of outflows for each day, the worst two-day span for outflows since mid-August. The dip below $4,000 was "triggered by a mix of technical breakdowns, macroeconomic jitters, and cascading liquidations," crypto analyst Rachael Lucas previously told The Block. 

ETH's price rebounded slightly on Saturday, bringing it back above the $4,000 watermark. The world's second-largest cryptocurrency currently trades around $4,020, according to The Block's Ethereum Price page. 

Bitcoin ETFs also bleed

Spot Bitcoin ETFs also logged a high level of weekly outflows, with a total of $902.5 million across the funds currently available, according to SoSoValue data. 

Friday's outflow total of $418.3 million was the highest single-day number since mid-August and, like with the Ethereum funds, BlackRock's industry-leading IBIT fund bled relatively less than its closest competitor, Fidelity's FBTC. IBIT saw just $37.3 million worth of outflows on Friday, compared to FBTC's $300.4 million. 

Over time, BlackRock's fund has grown its share of the market, The Block's data shows. At times, the fund has held more than an 80% market share among BTC funds, though, curiously, BlackRock hasn't filed for a spot Solana ETF, like many of its competitors. 

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