The US spot Ethereum exchange-traded funds (ETFs) have recorded 23 consecutive trading sessions with net outflows. This marks their longest outflow streak since launch back in July 2024. On-chain analytics firm Glassnode has highlighted the persistent withdrawals. The outflows point to weakening demand from traditional investors.

Ethereum ETFs Face Persistent Selling Pressure

Glassnode data shows that inflows dominated much of August and September as Ethereum climbed toward $2,700. However, the trend reversed in late September and early October with outflows. The outflows are still continuing across subsequent trading sessions. Meanwhile, $ETH has retreated toward the $2,200–$2,300 range.

On October 30, US spot Ethereum ETFs recorded approximately $155.8 million in net outflows. October’s cumulative net outflows have exceeded $1 billion. BlackRock’s iShares Ethereum Trust (ETHA) was among the funds contributing significantly to recent outflows.

Ethereum Holds Above Key Price Levels

Despite sustained ETF selling, Ethereum has continued trading above the $2,200–$2,250 area. This price resilience suggests that activity elsewhere in the market may be helping absorb some of the selling pressure.

The US spot Ethereum ETF complex hold approximately $13.2 billion in total net assets in late October. The funds also retained substantial cumulative net inflows since their launch in July 2024, despite the latest period of withdrawals.

The contrast between persistent ETF outflows and Ethereum’s ability to remain above key price levels highlights the role of other market participants.

Traditional Investor Demand for Ethereum Weakens

The 23-session outflow streak marks a shift in demand from traditional financial market investors who helped drive Ethereum ETF inflows during August and September. ETF flows represent only one part of the broader Ethereum market and do not necessarily reflect demand across exchanges, decentralized finance (DeFi) platforms, or direct token holdings.

Glassnode’s latest assessment underscores the sensitivity of institutional investment flows. Whether the outflow streak continues or reverses, it will provide further insight into traditional investors’ willingness to maintain exposure to Ethereum.