Ethereum Spot ETFs Post $123M Outflow in Fifth Straight Week

Published: 2026-02-23 07:22:55 |

Ethereum spot ETFs saw a net outflow of $123 million during the U.S. trading week of Feb 16–20, the fifth consecutive weekly withdrawal. BlackRock’s ETHA led redemptions with $102 million in outflows last week, though its cumulative net inflows remain about $11.88 billion. Fidelity’s FETH recorded $7.88 million of weekly outflows and has cumulative net inflows of roughly $2.47 billion. 21Shares’ TETH was the only notable gainer, adding $0.688 million for a cumulative $17.09 million. Total assets under management across Ethereum spot ETFs fell to $11.14 billion, representing about 4.68% of Ethereum’s market capitalization, while historical cumulative net inflows stand near $11.52 billion. Earlier data (Feb 3) showed single-day variations — including large inflows for BlackRock’s ETHA and Grayscale’s ETH mini trust and a one-day outflow at Fidelity’s FETH — indicating ongoing short-term volatility in fund flows. Source: SoSoValue. Market information only, not investment advice.

Bearish

Sustained weekly outflows from Ethereum spot ETFs for five consecutive weeks indicate consistent investor selling pressure or reduced demand for ETF exposure to ETH. The large redemption from BlackRock’s ETHA — the largest single contributor — is significant because ETHA is the market leader and its flows often influence short-term price sentiment. Total AUM decline to $11.14 billion and continued net withdrawals reduce incremental ETF-driven buy pressure on Ether, which can be bearish for price in the short term. Short-term volatility is reinforced by single-day swings noted in earlier data, suggesting traders should expect continued flow-driven price sensitivity. Longer term, substantial cumulative net inflows (~$11.5B historically) and large institutional holdings keep a structural demand floor for ETH, which could moderate downside risk if macro conditions stabilize. Overall: bearish near term due to flow-driven selling; neutral-to-mildly supportive longer term given sizeable historical inflows and AUM.