Ethereum ETF Square Net Sees Major Daily Withdrawals as Institutional Appetite Cools

Recent market data reveals a notable pullback in Ethereum spot ETF demand, with institutions trimming positions on November 4. The collective outflow reached $219 million in a single day, signaling a shift in the institutional buying momentum that has characterized recent weeks.

Leading the withdrawal activity was Blackrock’s ETHA, which experienced a $111 million outflow during the session. Despite the pullback, the fund maintains substantial cumulative gains, having accumulated $13.975 billion in net inflows since inception. This points to a broader pattern where even established positions are seeing profit-taking activity.

Grayscale’s Ethereum Mini Trust ETF followed with its own significant square net movement, posting $68.6439 million in daily outflows. The product has nonetheless built an impressive institutional adoption record, boasting $1.466 billion in historical net inflows.

Looking at the broader ETF landscape, the combined asset base now stands at $21.125 billion across all Ethereum spot ETFs. This represents approximately 5.45% of Ethereum’s total market capitalization, underscoring the growing but still modest direct ETF exposure relative to spot holdings. The cumulative historical inflow figure sits at $14.014 billion, reflecting the substantial capital that has flowed into these vehicles since their launch.

The recent outflow activity raises questions about near-term sentiment, though the sheer magnitude of assets under management and the diversity of issuers suggest institutional positioning remains constructive overall.