Fidelity's Ethereum Fund saw a record daily outflow of investments exceeding $25 million on Oct. 1, marking a new high among similar US-based funds.
Massive Outflows from Ethereum Funds
On Oct. 1, spot Ether (ETH) ETFs witnessed cumulative outflows of $48.6 million across nine issuers. FETH, ETHE, and Bitwise Ethereum ETF (ETHW) contributed $25 million, $26.6 million, and $0.9 million, respectively. The only funds to record positive inflows were 21Shares’ Core Ethereum ETF (CETH) and VanEck Ethereum ETF (ETHV), which brought in $1.2 million and $2.7 million, respectively. The rest reported no change.
Grayscale Holds the Record
Despite Grayscale’s ETHE continuing to hold the record for daily outflows, Fidelity’s milestone highlights the increasing pressure on the ETH ETF market. However, FETH remains the second-highest fund in total investments at $453.5 million. Leading the market is BlackRock’s iShares Ethereum Trust (ETHA), with total investments surpassing $1.14 billion as of Oct. 1. Consistent inflows from other players over the last three months have helped mitigate the impact of large-scale outflows, despite the fact that total investments in US-based spot Ether ETFs now show a $572 million deficit.
Bitcoin Funds Follow Similar Trend
The spot Bitcoin (BTC) ETF market mirrored this trend, recording aggregate outflows of $242.6 million on Oct. 1, marking the largest outflows in nearly a month since Sept. 3. The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest outflow at $144.7 million, followed by the ARK 21Shares Bitcoin ETF (ARKB), which saw an $84.3 million outflow. Spot prices for Bitcoin dropped nearly $4,000 after Iran’s missile attack on Israel on Oct. 1, but had rebounded to $61,750 at the time of publication.
Ethereum and Bitcoin funds continue to show significant outflows, signaling market instability amid ongoing geopolitical events.
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