U.S. Spot Ethereum ETF Market Experiences a Significant Jolt as Fidelity's Ethereum Fund (FETH) Records Largest Daily Outflow

The nascent U.S. spot Ethereum exchange-traded fund (ETF) market experienced a significant jolt on October 1st, with Fidelity's Ethereum Fund (FETH)

October began with a wave of outflows from U.S.-based spot Ethereum exchange-traded funds (ETFs) on Monday, with a total of $48.6 million heading out of the nine available products.

This marks a reversal from the previous weeks, which saw a collective net inflow into the Ether ETFs.

The outflows were led by the Fidelity Ethereum Fund (FETH), Grayscale Ethereum Trust (ETHE), and the Bitwise Ethereum ETF (ETHW), which saw $25 million, $26.6 million, and $0.9 million in outflows, respectively.

However, the 21Shares Core Ethereum ETF (CETH) and the VanEck Ethereum ETF (ETHV) bucked the trend with inflows of $1.2 million and $2.7 million, respectively.

As of October 1, FETH remained the second-largest Ether ETF by total holdings with $453.5 million, while BlackRock’s iShares Ethereum Trust (ETHA) continued to lead the pack with over $1.14 billion in assets.

Meanwhile, Grayscale's ETHE saw outflows approaching $3 billion, overshadowing the total outflows from all other Ether ETFs combined. As a result, the total holdings in U.S. spot Ether ETFs reflected a net outflow of $572 million.

In other news from the ETF market on Monday, spot Bitcoin ETFs saw outflows of $242.6 million, the highest level in nearly a month.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflows with $144.7 million, followed by the ARK 21Shares Bitcoin ETF (ARKB) with outflows of $84.3 million.

These outflows came as the spot price of Bitcoin fell by nearly $4,000 following news of escalating geopolitical tensions in the Middle East, though it later recovered to trade around $61,750.

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