US spot Ethereum (ETH) ETFs lost $1.61 billion in October. This is the largest monthly outflow since the instrument launched in July 2024.
The outflows ended a three-month streak of inflows and coincided with a 16.1% drop in ETH. October was Ethereum's weakest month since 2016.
Five consecutive weeks of outflows
The October figure broke the previous record of $1.42 billion set in November 2025.
Outflows were recorded in all 5 weeks ending in October. The largest weekly outflow came on October 9 — $542 million was withdrawn from the funds.
Before October, the funds had attracted a total of $3.05 billion — from July through September. Total net assets fell from $17.60 billion to $13.22 billion over October, while cumulative net inflows dropped to $12.29 billion.
Solana funds set their own all-time record. US spot Solana (SOL) ETFs lost $143.7 million in October — the largest monthly outflow since launch in October 2025. The only previous monthly outflow was in June and amounted to $786,577.
Coinbase discount fell to an 8-month low
Demand on US spot exchanges also declined. The Coinbase Premium Index dropped to -0.21 by October 29 — the lowest reading since February.
The index recovered to -0.13 but remains below zero. ETH is trading at $2,293.80, up 1.26% over the day. Since the start of November, Ethereum has gained 1.39%.
Ethereum below a key level
The current level leaves ETH right at the mark analysts highlighted last week. A drop below $2,295 opens the way for further decline.
Support runs in the $2,207–1,725 zone. ETH is currently trading just below this key level.
A return of Ethereum above $2,400 is seen as the first major sign of strength, while the bearish scenario persists as long as ETH stays below $2,522.
November figures are mixed. The median profit for ETH investors this month is minus 1.90%, while the average is plus 4.04%.
Fund flows at the start of November and the Coinbase price spread will show whether demand from the US has returned after October's record outflows.
Cryptalist analysis: The record outflow from Ethereum ETFs combined with a negative Coinbase Premium signals that institutional demand from the US has shifted into a defensive zone rather than indicating structural disappointment in the asset. The key indicator of recovery will be a sustained return of the Coinbase premium above zero and a resumption of weekly inflows — until then, the market will likely remain in a consolidation phase with the risk of testing the lower boundary of support.