U.S. spot Ethereum ETFs have now recorded net outflows for 9 straight trading sessions, with $542.2 million withdrawn over that stretch.

The more telling detail is where that money came from. Nearly $500 million of those outflows came from BlackRock’s spot Ethereum fund over the 5 trading sessions ending October 9, including about $116.05 million from iShares Ethereum Trust on October 7 alone. Because ETHA is one of the category’s largest vehicles, that points less to broad selling across every Ethereum ETF and more to large allocators trimming one major position.

That distinction matters because overall net inflows to spot Ethereum ETFs since launch are still positive. So the signal right now is not a full category reset, but a sustained pullback centered in a key fund.