• US spot Ethereum ETFs logged net outflows on 23 consecutive trading days through October 30.

• October net outflows from Ethereum ETFs exceeded $1 billion, the largest monthly total of 2026.

• BlackRock's ETHA drew $76.6 million of the $155.7 million outflow on October 30.

23 Trading Days Without Net Buying

The longest redemption run in the history of US spot Ethereum ETFs is now on the record, and it is the longest since the products launched in July 2024. Across 23 consecutive trading days, the funds have posted net outflows, a streak that ran through Friday, October 30 without one day of net buying. On-chain analytics firm Glassnode, which laid out the flow record in a chart published on October 31, reads the reversal as cooling demand from traditional-finance investors, the same cohort that accumulated Ethereum heavily across August and September. During those two months, fund inflows dominated while the Ethereum price pushed toward the $2,700 area; from late September into early October the direction flipped, and money has kept leaving since. The October ledger is the heaviest of 2026: monthly net outflows exceeded $1 billion, the largest monthly figure of the year in aggregate fund-flow data. The streak is measured in trading sessions, so weekends never interrupt it, and Friday, October 30 closed as its 23rd straight day. The mechanism behind the numbers is direct. A spot ETF holds the underlying asset in trust, so a redemption unwinds ETH-backed shares and pulls real exposure out of the market rather than trading paper claims. Money that was drawn into the broader Ethereum ecosystem earlier in the year therefore leaves it again when redemptions stack up, adding a layer of downward pressure on spot demand. These totals also measure only the funds themselves: demand from corporate Ethereum treasury holders or capital parked in staking sits outside this ledger. Glassnode frames the figures as a shift in institutional and traditional investor sentiment, not a technical artifact, and adds the caveat that cuts both ways: renewed inflows would be the first sign of revived institutional demand, while continued outflows keep that pressure in place.

BlackRock's ETHA Drove the Exit

The closing week of the streak shows how concentrated the exit became. Aggregate flow disclosures for October 26 to 30 record $431.4 million leaving the funds over five sessions, with the heaviest single day on Friday, October 30, when $155.7 million walked out. BlackRock's iShares Ethereum Trust (ETHA) accounted for $76.6 million of that day's total, and the fund has been the streak's consistent engine throughout. In the week of October 5 to 9, $542.2 million left Ethereum ETFs as a group, and 88% of that sum came from ETHA alone. The following week, October 12 to 16, saw roughly $320 million in net outflows, of which 93% was ETHA's share. No other fund in the group came close to that share in either week. A single fund driving that proportion of the aggregate points to decisions at a small number of large allocations rather than a broad retreat across every product. October 30 was the largest day of the five, and no session that week produced net inflows either. The same concentration leaves room for a softer reading of the streak. Redemption waves of this shape can reflect portfolio rebalancing or position adjustment rather than a lasting loss of appetite, and the disclosures do not distinguish between the two motives. The disclosures count primary-market creations and redemptions only, so secondary-market trading in the shares sits outside these totals. Glassnode's own framing allows for that possibility, noting that a resumption of inflows would count as renewed institutional demand for the asset. The open question, in its telling, is simply whether the next sessions bring fresh creations or further redemptions. That switch is the variable market participants are watching most closely, because sustained outflows from funds of this size keep pulling spot supply into the open, while a return of inflows would restore part of the bid that vanished in October.

Spot Holds $2,267 Into November

Spot has steadied while the flow story runs. Ethereum changes hands near $2,267, up 1.0% over the past 24 hours and 0.1% below its level when the newest reading landed at 01:38 UTC on November 1. COINOTAG's composite scoring puts the nearest support at $2,227, a level scored 100 out of 100, with the first resistance at $2,319 scored 99; the full map sits in our Ethereum technical analysis. Positioning looks calm rather than stretched: the perpetual funding rate reads -0.0033% and open interest stands near $9.37 billion. That leaves the 23-session run through October 30 entering November unbroken, and the first sessions of the new month will show whether it extends or breaks.