US spot Ether (ETH) ETFs recorded a $2.81 million net outflow on September 29, 2026, ending a seven-session inflow streak that began September 18 and totaled $850.8 million, according to SoSoValue data reported by BeInCrypto. Daily inflows peaked at $269.98 million on September 21. ETH traded near $2,674, down 3.32% over seven days.
Why did Ether ETF inflows stop on September 29, 2026?
The streak faded before it broke. Farside Investors shows daily US spot Ether ETF flows falling from $270.0 million on September 21 to $17.1 million on September 28, then turning negative on September 29.
| Date (2026) | Net flow, US$m |
|---|---|
| Sept 18 | 143.7 |
| Sept 21 | 270.0 |
| Sept 22 | 162.2 |
| Sept 23 | 104.5 |
| Sept 24 | 66.1 |
| Sept 25 | 87.0 |
| Sept 28 | 17.1 |
| Sept 29 | (2.8) |
Source: Farside Investors, figures as displayed on September 30, 2026. Farside shows the September 30 row as empty, so this post treats it as no data. SoSoValue, cited by BeInCrypto, reports the September 29 outflow as $2.81 million, a rounding-level difference from Farside's $2.8 million.
The Farside daily figures for September 21 to 25 add to $689.8 million, in line with the roughly $690 million weekly inflow that FXStreet reported. On September 29, BlackRock's ETHA lost $8.9 million and Fidelity's FETH lost $6.7 million on Farside's tally, while Grayscale's Ethereum Mini Trust took in $12.8 million. BeInCrypto lists ETHA's $8.94 million as the largest single outflow.
The slowdown matches the Bitcoin side. Spot Bitcoin ETFs took in $66.19 million on the same day, per BeInCrypto, and we covered that deceleration in our post on Bitcoin ETF inflows slowing to $66.2 million. Ether's fade began earlier: our September 25 post on whether Bitcoin's rally to $87K was short covering or new demand already noted Ether inflows dropping from $162.2 million to $66.1 million between September 22 and 24.
Where analysts disagree
Flows reflect spot demand, not leverage. Exness analyst Li Xing Gan, writing for FXStreet, called the strength of the week's flows notable because buying was spread across several consecutive sessions. He reads declining futures open interest and lower leverage as a sign that the rally leans less on borrowed money and more on direct spot demand. His piece cites CoinGlass for the derivatives data.
Supply is returning to exchanges. An FXStreet price analysis published September 29 reads the same fade as a warning. It reports exchange reserves up 125,000 ETH over four days, which it calls rising profit-taking, and a Coinbase Premium Index at -0.0483, which it takes as weaker US investor sentiment. Invezz reported the same reserve and premium figures on September 30, 2026, and read them as possible selling pressure.
Treasury buyers are still adding. Tom Lee, chair of Bitmine, said the firm's holdings passed 6 million ETH, The Block reported on September 28, 2026. Bitmine holds 6,001,302 ETH (about 4.9% of circulating supply) after buying 17,362 ETH. Lee pointed to institutional underweighting in crypto and said he expects further exposure increases through the end of 2026. That is a company view from a large holder, not an independent read of demand.
The camps read the same slowdown differently. Gan treats low leverage as evidence that remaining demand is sturdier. The exchange-reserve and premium reading treats it as evidence that marginal buyers have paused while some holders move coins toward exchanges.
Why it matters
Spot ETF creations are one of the few daily, public measures of new US demand for ETH. A fall from $270.0 million to a small outflow in six sessions removes a steady bid at a time when the FXStreet analysis says the bond market is pricing four more 25-basis-point Federal Reserve rate increases by June 2027. The Fed raised its target range to 3.75% to 4.00% on September 16, 2026, as covered in our post on the Fed hike and $295.9 million Bitcoin ETF outflow.
The lower-leverage point cuts both ways. Less open interest means fewer forced liquidations if price slips, but it also means a bounce would lean on spot buyers, the group whose ETF flows have just faded. Treasury company purchases such as Bitmine's 17,362 ETH on September 28 do not appear in ETF flow data at all, so the two demand channels can diverge.
What to watch
- Farside's daily Ether ETF total for September 30 and October 1, 2026: whether flows return above $100 million or stay near zero (Farside).
- US inflation and employment data that FXStreet says is due Wednesday, September 30 and Friday, October 2, 2026, and how yields react.
- Price levels named by FXStreet: support at $2,612 to $2,626 and resistance at $2,786.
- The Sepolia testnet fork of the Glamsterdam upgrade, scheduled for October 6, 2026 per FXStreet's citation of ethereum.org. Mainnet timing is listed as Q4 2026 and is not confirmed.
Bottom line
- US spot Ether ETFs posted a $2.81 million net outflow on September 29, 2026, ending a seven-session streak worth $850.8 million (SoSoValue via BeInCrypto).
- Daily inflows fell from $270.0 million on September 21 to $17.1 million on September 28 (Farside).
- Exness's Li Xing Gan sees low leverage and spot-led buying; FXStreet's analysis cites a 125,000 ETH rise in exchange reserves and a Coinbase Premium of -0.0483.
- Bitmine holds 6,001,302 ETH after adding 17,362 ETH on September 28, 2026 (The Block).