BlackRock's iShares Ethereum Trust lost $110.03 million in a single session on September 16, the largest individual fund redemption in the US spot Ethereum ETF market that day. The withdrawal was part of a broader $224 million wave of sector outflows tied to the Federal Reserve's first rate hike in three years, even as ether's spot price rose.
BlackRock's iShares Ethereum Trust (ETHA) lost $110.03 million in a single session on September 16, the biggest individual fund redemption across the entire US spot Ethereum ETF market that day. The withdrawal was not isolated: it formed part of a broader $224 million wave of net outflows across US spot Ethereum ETFs, as institutional investors reacted to the Federal Reserve's first interest rate hike in three years.
Ether price rises as ETFs bleed
Even so, Ethereum's spot price ticked up 1.54% on the day.
Fidelity's FETH product shed $55.58 million on the same day, the second-largest contributor to the sector's outflow total. BlackRock's own staking-enabled Ethereum product, ETHB, lost $19.76 million in redemptions as well.
Bitcoin funds see outflows too
The selling pressure extended beyond Ethereum. US spot Bitcoin ETFs faced nearly $296 million in net outflows during the same session. BlackRock's IBIT accounted for $144.1 million of that total. 21Shares' TETH pulled in minor inflows, a small bright spot on an otherwise weak day for crypto fund flows.
Cumulative inflows still positive
Cumulative net inflows for US spot Ethereum ETFs stood at approximately $13.14 billion after the session's outflows were tallied, the total capital that has flowed into the products since they launched in mid-2024, minus everything redeemed since. ETHA has been the dominant force in the US Ethereum ETF market since its inception, so its flows tend to move the needle for the whole sector. Even so, a $110 million outflow represents a relatively modest share of the fund's accumulated assets.
The near-$296 million in Bitcoin ETF outflows on the same day reinforces the reading that this was a macro-driven de-risking event rather than a concern specific to Ethereum.
Source: Crypto Briefing
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