BlackRock ETF clients sell $110M worth of Ethereum as broader crypto fund outflows accelerate

BlackRock’s iShares Ethereum Trust (ETHA) hemorrhaged $110.03 million in a single session on September 16, making it the biggest individual fund redemption across the entire US spot Ethereum ETF landscape for the day. The withdrawal wasn’t a solo act. It was part of a broader $224 million wave of net outflows across US spot Ethereum ETFs, as institutional investors hit the exits in response to the Federal Reserve’s first interest rate hike in three years. Ethereum’s spot price, in a move that would confuse anyone who thinks markets are rational, actually ticked up 1.54% on the day. A coordinated retreat across crypto ETFs BlackRock wasn’t the only asset manager watching money walk out the door. Fidelity’s FETH product shed $55.58 million on the same day, making it 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. The selling pressure extended well beyond Ethereum. US spot Bitcoin ETFs faced nearly $296 million in net outflows during the same session. BlackRock’s Bitcoin fund, IBIT, accounted for $144.1 million of that total. 21Shares’ TETH managed to pull in minor inflows...