Investors withdrew $56.1 million from US spot Ethereum ETFs on October 9, marking the ninth consecutive day of outflows. The entire volume of these withdrawals originated from the BlackRock fund. Since September 29, the total outflow from these financial instruments reached approximately $697 million, offsetting most of the $850.8 million inflow recorded during the preceding seven sessions.
Total assets under management across these Ethereum funds currently stand at $15.71 billion, a decline from the nearly $17.9 billion recorded in late September. Meanwhile, the price of ETH is trading at $2,496, down from $2,715.50 on October 2. On Binance, customers reduced their ETH holdings by 183,602 ETH throughout September while increasing their positions in Bitcoin.
Derivatives traders are actively betting against Ethereum, with short positions currently totaling $5 billion compared to $1.53 billion in long positions. Analyst Ted Pillows noted that the price has already slipped below the support zone of $2,547 to $2,565. A further decline could potentially lead to a price drop toward the $2,190 level.
In contrast to the Ethereum sector, US spot Bitcoin ETFs saw net inflows of $21.13 million on October 9. This follows a period of significant capital exits, as Bitcoin funds experienced a total outflow of $729 million across October 7 and 8. Market participants are now waiting for the next data release to see if the Ethereum outflow streak continues for a tenth day.
