If we dig deeper into the massive Ethereum correction of November 2025, the breakdown by fund reveals a shocking culprit. The total outflow of ~$1.4 billion wasn’t a broad market exit; it was driven almost entirely by the industry leader.
According to the data, BlackRock’s iShares Ethereum Trust (ETHA) was responsible for the lion’s share of the selling. The tooltip highlights that ETHA alone saw a staggering outflow of $1.08 billion (represented as -1.087K on the chart). This is a critical shift in sentiment, as BlackRock has historically been the primary driver of inflows. When the “Smart Money” leader starts dumping over a billion dollars in a single month, panic spreads.
The selling pressure was compounded by the usual suspect: Grayscale (ETHE), which contributed another $224 million in outflows. We also saw minor bleeding from the Grayscale Mini Trust (ETH) and Fidelity (FETH).
On the flip side, the positive inflows were negligible. Bitwise (ETHW) managed a tiny $17 million inflow, but against the billion-dollar wave of selling from BlackRock, it was irrelevant.
Written by CryptoOnchain
