Ethereum ETFs See Largest Outflows Since Launch

Ethereum ETFs experienced a record $1.4 billion in outflows in November, marking their largest monthly outflow since inception.

The outflow coincided with a period of prolonged price struggle in Ethereum, resulting in a significant decline in value.

Ethereum ETFs See Over $1 Billion Outflow

Spot Ethereum ETF issuers recorded a surge in capital withdrawals from their products in November.

According to ThePfund, the assets experienced outflows exceeding $1.4 billion, equivalent to approximately 470,000 ETH. The figure emerged as the largest monthly outflow for Ethereum-pegged products since their launch in July 2024.

The November 2025 record came as a major boost, surpassing the approximately $483 million outflow documented in July 2024. Meanwhile, the performance now marks the third consecutive month of outflows for the spot Ether products since their inception.

Last month marked the end of a 7-month inflow streak recorded by the assets from April to October 2025. This represents a significant trend reversal, indicating a potential shift in investor sentiment.

The outflows suggest that investors likely withdrew their capital from Ethereum and invested it in other assets. This suggests a possible attempt to seek a haven for their capital as the crypto market struggled from macroeconomic impacts.

Interestingly, the launch of spot products for multiple altcoins, such as Solana, XRP, and LTC, also impacted the performance of Ethereum products.

BlackRock ETHA Led the Outflows

BlackRock’s iShares Ethereum ETF (ETHA) led the outflow runs with approximately $1.04 billion for the month. The outflow accounts for approximately 72% of the total $1.4 billion in withdrawals from Ethereum products.

ETHA’s outflow lead aligns with its status as the largest US-traded Ethereum product despite the recent outflows. Farside Investors’ data shows that the product has seen more than $13 billion in cumulative inflows. As of November 28, the product had more than $11 billion worth of assets under management, according to BlackRock’s website.

Meanwhile, Grayscale’s ETHE ranked second in last month’s outflow, following its investors’ divestments of approximately $207 million. Fidelity’s FETH followed with $98.9 million, while Grayscale’s ETH saw $91.2 million, and VanEck’s ETHV lost $20.5 million.

ETH Price Struggled in November

The November outflow from Ethereum products coincided with a period of price struggle for the second biggest asset. This struggle likely contributed to the reasons investors reduced their exposure to their products.

According to Coinglass data, Ethereum lost more than 22% of its value last month, becoming the second-worst performer of the year. This positioned the month as the worst November for Ethereum since it crashed by nearly 43% in November 2018.

To put this in perspective, Ethereum entered November around $3,877 but closed under $3,000. CoinMarketCap data indicates that the token fell to as low as $2,680 during this period. However, it has since corrected to approximately $2,819 as of the time of this press release.

Notably, Ethereum’s performance for last month comes as part of a broader struggle in the assets’ price. The asset has failed to hit a new high despite the prolonged bull run, which saw Bitcoin hit new prices. Instead, Ethereum has struggled to break its $4,000 price barrier, only to witness further decline to its current level.