According to Lookonchain's update dated Nov. 2, BlackRock recorded outflows of 580,145 ETH worth about $1.32 billion over the past month as withdrawals continued from its Ethereum investment product. In the same snapshot, ETHA accounted for nearly 77% of daily Ether withdrawals.
According to data from Farside released in October, BlackRock's ETHA fund experienced a decline of roughly $1.42 billion during the month. In contrast, Fidelity drew in 27,067 ETH within a seven-day span, which helped mitigate losses seen in other Ethereum funds. A separate monthly report from Lookonchain detailed transfers moving from wallets identified as BlackRock Coinbase Prime deposit addresses to Coinbase Prime hot wallets; the associated transaction image displayed activity levels spanning approximately 3,197 ETH up to nearly 29,814 ETH.
Massive BlackRock Withdrawals Dominate Market Data
An analytics firm's ETF holdings table recorded daily net withdrawals of 44,837 ETH, valued at $102.12 million, across the Ethereum funds it tracked. Within that snapshot, BlackRock's iShares Ethereum Trust ETF held 3,095,551 ETH, while combined holdings for all included products stood at 5,513,954 ETH, leaving BlackRock with approximately 56.1% of the tracked total.
ETHA comprised 34,383 ETH of the total withdrawals, which equates to roughly 76.7% of the outflow. Grayscale's ETHE and ETH offerings saw a combined loss of 9,015 ETH, trailed by 1,418 ETH from Fidelity's FETH and 21 ETH from Bitwise's ETHW. Meanwhile, VanEck's ETHV along with items categorized as "Others" showed zero net change for the day.
Over a seven-day window, BlackRock's withdrawals totaled 169,205 ETH, surpassing the entire tracked group's net outflow of 147,585 ETH. During this same period, Fidelity moved in the opposite direction by attracting 27,067 ETH, while Grayscale lost 5,426 ETH and Bitwise recorded withdrawals of 21 ETH. The combined movements outside BlackRock generated a net inflow of 21,620 ETH, which partially offset the outflows from ETHA.
Despite its daily losses, Fidelity remained the only Ethereum issuer in the snapshot to maintain a positive seven-day balance. Separate data from Farside indicates that ETHA's October net withdrawals reached approximately $1.4205 billion when calculated by adding its rounded daily figures. Throughout the month, the fund recorded no positive sessions, although three sessions concluded with zero net flows.
According to Farside's data table for all Ethereum products, total withdrawals across the category reached approximately $1.6072 billion during October. Within this aggregate outflow, ETHA accounted for about 88.4% of the monthly net loss. During the specific period from Oct. 26–30 alone, ETHA lost $391.1 million, and its final session on Oct. 30 recorded an additional $76.6 million in withdrawals. Consequently, the full Ethereum ETF category lost $155.7 million during that same final October session.
Lookonchain provides a separate daily estimate of $102.12 million in outflows, distinct from the figure released by Farside on Oct. 30 and lacking confirmation of a corresponding U.S. trading session. Earlier reporting noted that the final ETF session in October resulted in $431.4 million in weekly withdrawals for Ethereum funds, whereas Bitcoin funds recorded $202.4 million in net outflows over that same five-session span. The Nov. 2 post details these token movements alongside their dollar values without establishing a specific U.S. trading alignment.
Lookonchain's Bitcoin data table recorded daily withdrawals of 7,919 BTC valued at approximately $614.26 million, while the seven-day period saw outflows totaling 2,292 BTC worth $177.81 million. In contrast to these broader figures, BlackRock's IBIT product experienced a daily loss of 3,056 BTC but maintained a positive seven-day inflow balance of 2,038 BTC. Fidelity's FBTC fund recorded distinct withdrawal volumes of 2,630 BTC for the single day and 2,196 BTC over the seven-day span.
ARK 21Shares' ARKB fund lost 1,694 BTC across both the daily and seven-day periods, whereas Grayscale's combined products and Bitwise posted smaller withdrawals. Funds categorized under 'Others' recorded modest inflows during this timeframe. Within BlackRock's specific product lineup, the seven-day data revealed opposing balances where IBIT remained positive while ETHA registered the largest Ethereum withdrawal in the table.
Competitor Funds Show Mixed Performance Amidst Shifts
ETHA functions as a passive instrument meant to mirror Ether's value prior to fees, yet individual shareholders lack the ability to cash out shares directly with the trust and must instead depend on registered broker-dealers termed authorized participants. The document allows for redemptions via the transfer of Ether or funds generated by liquidating the matching Ether, enabling the trust to engage counterparties straight away or employ Coinbase Prime for monetary exchanges.
Wallet visualizations from Lookonchain highlight movements between designated addresses while failing to reveal the specific ETF investors or their market tactics, and no provided commentary links these withdrawals to basis-trade reversals. In-kind redemption options opened up after regulatory directives released on July 29, 2025, followed by a functional registration update occurring two days subsequent.