Ether ETFs see nine days of outflows as ETHA does a reverse split: the worst week since January

Ether ETFs see nine days of outflows as ETHA does a reverse split: the worst week since January

Ether ETFs have now seen outflows for the ninth trading day in a row. Since September 29, $697.2 million has left them, and $542.1 million last week alone - the worst result since January.

For ether this is the second losing week in a row. The funds' net assets shrank by a tenth, to $15.71 billion.

What happened to ETHA

Almost all of the outflow came from one fund. BlackRock ETHA lost $477 million over the week - about 88% of all ether ETF withdrawals and its largest weekly outflow since mid-December 2025.

Tuesday was the heaviest day: $201.9 million, all of it from ETHA. On the same day, a one-for-three reverse split of the fund's shares took effect.

What a reverse split means

A reverse split by itself changes nothing in the value of the investment. There are three times fewer shares, each priced three times higher, and the investor's stake stays the same.

But the timing is notable. From what we see, technical events like a split often become an occasion for portfolio rebalancing, and part of the withdrawals may have been tied to that rather than to views on ether.

What it means for spreads

Fund outflows weigh on ether spot during US hours. In our view, in weeks like these ETH spreads between US and Asian venues are wider than usual, and the CME basis compresses faster than the price.

We believe the way to work is not against the funds but with the gaps they create. Ether was trading around $2,506 by Saturday, and against this backdrop reduced size and strict depth checks matter more than trying to call the bottom.

Our tools

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FAQ (Frequently Asked Questions)

1. How much has left ether ETFs?

Nine days in a row, $697.2 million since September 29. Last week - $542.1 million, the worst result since January.

2. Who lost the most?

BlackRock ETHA - $477 million for the week, about 88% of all withdrawals. On Tuesday $201.9 million left it.

3. What is the reverse split?

ETHA shares were consolidated one for three. The value of the investment doesn't change, but the event may have prompted rebalancing.

4. What does this mean for arbitrage?

Wider ETH spreads between US and Asian venues and a faster-compressing basis. Work with reduced size.

Conclusion

Ether ETFs are on their ninth day of outflows, with $542.1 million out over the week, almost all of it from BlackRock ETHA, which did a reverse split in the same days. The funds' net assets shrank by a tenth.

For arbitrage, this means pressure on ether during US hours and wider cross-exchange spreads. The way to work is with the gaps the funds create, not against their flow.

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