Which ETFs reported ETH outflows?

Several U.S. spot Ethereum ETFs experienced net outflows this week. BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s Ethereum ETF (FETH) led the withdrawals, while some Grayscale funds saw small inflows, according to a market update.

1. BlackRock ETHA had the largest single-day and multi-day ETH outflows on several occasions, based on flow trackers.
2. Fidelity FETH also experienced outflows alongside ETHA during recent down days, as reported in the same market update.
3. Grayscale’s ETHE and ETH funds showed some inflows on certain days, partially offsetting the outflows, according to the same report.

Deep Dive

1. BlackRock ETHA

BlackRock’s iShares Ethereum Trust (ETHA) has been the main source of spot ETH ETF outflows during several sessions. One recent report showed a daily outflow of about $193 million from ETHA, making it the largest contributor to ETH ETF redemptions that day, according to a market update. Over the past week, ETHA’s outflows remained the largest among ETH ETFs, as noted in a flows roundup.

What this means: When the biggest ETH ETF experiences sustained withdrawals, it can create downward pressure on Ethereum’s price and affect market sentiment in the short term.

2. Fidelity FETH

Fidelity’s Ethereum ETF (FETH) also saw smaller but still meaningful outflows alongside ETHA during recent market declines. One daily snapshot reported about $3 million leaving FETH, contributing to the overall net outflows from ETH ETFs, according to the same market update. Other summaries confirmed FETH’s role in the multi-day outflow trend, as seen in a flows roundup.

What this means: Although smaller than ETHA’s outflows, FETH’s withdrawals add to the cautious sentiment around Ethereum investments.

3. Grayscale Contrast

Grayscale’s ETHE and ETH funds were exceptions on some days, showing modest inflows that partially balanced out the broader ETH outflows, according to the market update. While outflows still dominated overall, these inflows suggest some investors are buying the dip.

What this means: Mixed fund flows indicate that investors are divided—some are reducing risk, while others are selectively increasing their Ethereum exposure when prices dip.

Conclusion

This week’s ETH ETF activity shows a risk-off mood focused mainly on the largest fund, ETHA, with FETH also seeing withdrawals. Meanwhile, Grayscale funds occasionally attracted inflows. If heavy outflows continue, they could put short-term pressure on Ethereum’s price. Watching for stabilization in daily flows would be an encouraging sign for the market.

What could affect the price of ETH?

Ethereum’s price is balancing between upcoming upgrades and broader economic challenges.

1. Fusaka Upgrade (Dec 2025) – Improves scalability but may create risks for individual stakers
2. Regulatory Clarity – SEC confirms Ethereum as a commodity, but ETF withdrawals raise concerns
3. Whale Activity – Large investors bought $2.8 billion since October, yet some are taking profits

Deep Dive

1. Fusaka Upgrade & Staking Changes (Mixed Effects)

Overview: The Fusaka upgrade, expected in December 2025, will increase Ethereum’s data capacity by 8 times. This means lower fees for Layer 2 solutions (which help scale the network) and faster transaction processing. However, some experts warn that reducing new ETH issuance might hurt solo stakers more than big validators, possibly leading to more centralized control.

What this means: Lower fees could attract more developers and users, which is positive. But if fewer people can participate in validating transactions, it could weaken Ethereum’s core strength—its decentralized nature. Staking rewards might drop from about 3.8% to 2.5%, making it harder for smaller participants to benefit (ETHResearch).

2. Regulatory Environment (Mixed Signals)

Overview: In July 2025, the SEC confirmed Ethereum is classified as a commodity, which initially encouraged institutional investment. However, in November, spot Ethereum ETFs saw $2.8 billion in withdrawals as economic uncertainty made traders cautious.

What this means: Clear regulations help provide long-term confidence, but short-term ETF outflows reflect market jitters similar to what happened with Bitcoin ETFs in 2022. Ethereum’s market share (11.5% compared to Bitcoin’s 58.2%) means it’s more vulnerable to shifts in investor liquidity during uncertain times (CoinMarketCap Global Metrics).

3. Whale Activity & On-Chain Trends (Mixed Signals)

Overview: Large wallets holding between 1,000 and 10,000 ETH have purchased $2.8 billion worth since October. However, some big players like BitMine are facing $3.7 billion in unrealized losses, and Metaplanet recently sold $33 million in ETH, showing mixed confidence among institutions.

What this means: While retail investors are nervous (Fear & Greed Index at 15 indicates extreme fear), some large investors are strategically accumulating, expecting demand to rise after the Fusaka upgrade. The $2,800 price level is key—if Ethereum breaks above this, it could rally toward $3,576 (Technical Analysis).

Conclusion

Ethereum’s future depends on successfully delivering the Fusaka upgrade while managing changes in staking rewards and broader market liquidity. The upgrade could revive Ethereum’s reputation as “ultrasound money” (a term for highly valuable, scarce digital assets), but risks like validator centralization and ETF outflows remain.

Keep an eye on the post-Fusaka blob count—will Layer 2 solutions like Arbitrum handle over 100,000 transactions per second without reducing Ethereum’s fee revenue?

What are people saying about ETH?

Ethereum’s price talk swings between big optimism and cautious concerns. Here’s what’s trending right now:

1. Big investors (whales) are betting on Ethereum (ETH) reaching over $6,000, driven by growing interest in ETFs and improvements in staking technology.
2. Some traders are worried as ETH struggles to stay above $3,000 amid overall market uncertainty.
3. Vitalik Buterin’s Fusaka upgrade is sparking debate—will it be a game-changer for scaling Ethereum, or is it overhyped?

Deep Dive

1. @johnmorganFL: “$6,500 ETH by 2025” (bullish)

“Ethereum ETFs are seeing $1 billion in daily inflows – big institutions are quietly buying while everyday investors are nervous.”
– @johnmorganFL (35.1K followers · 498K impressions · August 15, 2025, 10:18 AM UTC)
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What this means: This is a positive sign for ETH since ETF demand could help absorb selling pressure. However, technical indicators like the RSI at 68 suggest the price might pause or consolidate before moving higher.

2. @IDKFADoom2: “ETH/BTC chart screams caution” (bearish)

“Ethereum’s market share is dropping—11.5% compared to Bitcoin’s 58.2%. A ‘death cross’ on the weekly chart is looming unless ETH holds above $3,000.”
– @IDKFADoom2 (628 followers · 552 impressions · November 15, 2025, 8:14 PM UTC)
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What this means: This is a warning sign for ETH if Bitcoin continues to dominate. Still, because nearly 29% of ETH is staked (locked up), this limited supply might help soften any price drops.

3. @Rue1776: “Fusaka upgrade goes live” (mixed)

“The new PeerDAS feature cuts node storage needs by 8 times—but will developers adopt it quickly enough to justify Ethereum’s high value?”
– @Rue1776 (3.3K followers · 5.5K impressions · September 17, 2025, 5:00 AM UTC)
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What this means: This is a neutral signal. While the Fusaka upgrade improves Ethereum’s ability to scale, the market has seen a 41% drop this year, showing investors want to see real-world adoption, not just technical improvements.

Conclusion

The outlook for Ethereum is mixed. On one hand, institutional investors are accumulating ETH, and the supply available on exchanges is shrinking (with $19 billion in ETF assets under management). On the other hand, technical signals like the “death cross” and a high Fear Index (15) suggest caution. Keep an eye on the $3,800 to $4,200 price range—breaking above or below this zone could show whether ETH will become “ultrasound money” (a term for highly valuable, scarce digital money) or remain overshadowed by Bitcoin. The Fusaka upgrade might mark a new era for Ethereum’s infrastructure, but the market’s reaction will depend on how quickly developers and users embrace it.

What is the latest news about ETH?

Ethereum is navigating a challenging market with important product launches and upgrades. Here’s what’s new:

1. Coinbase Launches ETH-Backed Loans (November 20, 2025) – Users can now borrow up to $1 million in USDC using their Ethereum (ETH) as collateral.
2. Fusaka Upgrade Set for December 3, 2025 – A major update aimed at cutting transaction fees by up to 8 times.
3. FG Nexus Sells $33 Million in ETH for Buyback (November 20, 2025) – The company is adjusting its strategy amid market downturns.

Deep Dive

1. Coinbase Launches ETH-Backed Loans (November 20, 2025)

Overview: Coinbase has introduced a new loan service for U.S. users (except those in New York), allowing Ethereum holders to borrow USDC—a stable digital dollar—without selling their ETH. This service runs on Morpho’s decentralized finance (DeFi) protocol on the Base Layer 2 network and has already processed $1.25 billion in loans.
What this means: This development connects traditional finance with decentralized finance, making Ethereum more useful as collateral and helping reduce the pressure to sell ETH during market downturns. Borrowers should be aware of variable interest rates and the risk of liquidation. (CoinTelegraph)

2. Fusaka Mainnet Upgrade Scheduled (December 3, 2025)

Overview: Ethereum developers have finalized the Fusaka upgrade, which includes a feature called PeerDAS (EIP-7594). This upgrade increases the number of data blobs per block from 6 to 48, aiming to reduce Layer 2 transaction fees by about 95%. Successful tests were conducted on the Holesky and Sepolia test networks earlier this fall.
What this means: If Fusaka works as planned, transaction fees on Ethereum’s Layer 2 networks could drop to less than one cent, making Ethereum-based apps more affordable and attractive to users. However, the upgrade requires more powerful hardware for network nodes, and there may be challenges to network stability during the transition. (Bitcoinist)

3. FG Nexus Offloads ETH Holdings (November 20, 2025)

Overview: FG Nexus, a firm managing Ethereum assets, sold 10,922 ETH (about $33 million) to fund a $43 million stock buyback, reducing their Ethereum holdings to 40,005 ETH. This move comes shortly after BitMine purchased $169 million worth of ETH.
What this means: Institutional investors are sending mixed signals—some see Ethereum as undervalued and are buying, while others are selling to maintain liquidity. FG Nexus’s sale highlights the pressure on crypto-related stocks during bearish market conditions. (CoinGape)

Conclusion

Ethereum’s ecosystem is balancing short-term challenges like market sell-offs and large investor exits with strategic growth efforts such as Coinbase’s lending service and the Fusaka upgrade. The big question is whether Fusaka’s fee cuts and new financial products like ETH-backed loans will boost demand before the end of the year, or if broader economic risks will take precedence. Keep an eye on Ethereum’s $2,800 support level and staking annual percentage rates (APR) for signs of momentum.

What is expected in the development of ETH?

Ethereum’s development plan focuses on improving scalability, security, and decentralization with three main milestones:

1. Fusaka Upgrade (December 3, 2025) – A major scaling update using PeerDAS technology and increasing data capacity by 8 times.
2. Lean Ethereum Initiative (2026 and beyond) – Introducing quantum-resistant security and simplifying the protocol.
3. The Verge (Date TBD) – Implementing stateless clients and Verkle trees to make running nodes easier and less resource-intensive.

In-Depth Look

1. Fusaka Upgrade (December 3, 2025)

What it is: The Fusaka upgrade, scheduled for late 2025, will bring in PeerDAS (Peer Data Availability Sampling). This technology lets Ethereum nodes check the validity of blocks by sampling small pieces of data instead of processing everything. This reduces the hardware needed to run a node. Additionally, the amount of data (called “blobs”) per block will increase from 6 to 48, which is an 8-fold increase. This change is expected to cut Layer 2 (L2) transaction fees by about 95%, dropping costs from around $0.05–$0.20 to less than $0.01 (CryptoGucci).

Why it matters:

• Positive: Makes Ethereum more competitive with other fast blockchains by making L2 solutions like Arbitrum and Optimism much cheaper to use.
• Potential challenge: Node operators will need to adopt PeerDAS technology. If adoption is slow, it could lead to centralization risks.

2. Lean Ethereum Initiative (2026 and beyond)

What it is: Proposed by researcher Justin Drake, this initiative focuses on adding quantum-resistant cryptography to protect against future quantum computer threats and simplifying Ethereum’s protocol to reduce vulnerabilities (CryptoMinute).

Why it matters:

• Positive: Helps secure Ethereum for the long term, making it more attractive to large institutions looking for a safe platform.
• Potential challenge: The timeline depends on ongoing research in cryptography, so delays are possible.

3. The Verge (Date TBD)

What it is: This part of Ethereum’s future plan introduces Verkle trees, a new data structure that supports stateless clients. This means validators won’t need to store huge amounts of data (terabytes) but only a small fraction (kilobytes), making it easier for individuals to run their own nodes and stake independently (ethereum.org).

Why it matters:

• Positive: Encourages decentralization by lowering the technical and hardware barriers to participate in network validation.
• Potential challenge: The technology is complex, and delays could happen if testing uncovers issues.

Summary

Ethereum’s roadmap carefully balances immediate improvements in scalability (Fusaka) with future security (quantum resistance) and greater decentralization (The Verge). The Fusaka upgrade is a key milestone for 2025–2026 and could solidify Ethereum’s position as the foundation for Layer 2 solutions. However, its success depends on smooth adoption of PeerDAS and ongoing developer commitment to tackling long-term challenges.

How will these upgrades influence Ethereum’s leadership in decentralized finance (DeFi) and institutional adoption?

What updates are there in the ETH code base?

In 2025, Ethereum made significant improvements to its technology, focusing on scaling, security, and attracting more developers.

1. Fusaka Upgrade (December 2025) – Boosts Layer 2 scaling by increasing data capacity 8 times and introducing PeerDAS technology.
2. Pectra Upgrade (May 2025) – Raises staking limits and adds smart account features for easier use.
3. Gas Limit Increase (June 2025) – Raises the gas limit to 45 million to allow more transactions per block.

Deep Dive

1. Fusaka Upgrade (December 2025)

Overview: This upgrade uses a new technology called PeerDAS (EIP-7594) to improve how data is shared for Layer 2 solutions, which are systems built on top of Ethereum to make transactions faster and cheaper. It also increases the number of data blobs per block from 6 to 48 in steps, making the network much more scalable.
What this means: This is very positive for Ethereum because it lowers transaction fees on Layer 2 to less than one cent. This makes small payments (microtransactions) practical and encourages more use in decentralized finance (DeFi) and digital collectibles (NFTs). Importantly, it keeps the requirements for running a node manageable, helping keep the network decentralized.
(Source)

2. Pectra Upgrade (May 2025)

Overview: This update activated 11 Ethereum Improvement Proposals (EIPs), including increasing the maximum amount validators can stake to 2,048 ETH (EIP-7251) and adding smart features to regular wallets (EIP-7702).
What this means: While this may not immediately affect Ethereum’s price, it improves how staking works for big investors and allows users to pay transaction fees with tokens other than ETH. This makes Ethereum easier to use and more attractive over time.
(Source)

3. Gas Limit Optimization (June 2025)

Overview: Updates to Ethereum clients like Geth and Nethermind increased the default gas limit to 45 million, allowing more transactions per block after community agreement.
What this means: This change may be challenging for individuals running their own nodes because it requires more powerful hardware. However, it benefits the overall network by increasing transaction capacity by about 15%, helping Ethereum handle more activity.
(Source)

Conclusion

Ethereum’s 2025 upgrades focus on making the network faster and more flexible, especially through the Fusaka, Pectra, and gas limit improvements. These changes strengthen Ethereum’s role as the foundation for decentralized applications. With Layer 2 fees dropping close to zero and over 16,000 new developers joining, Ethereum is well-positioned for growth in the expanding multi-chain world of 2026.

Why did the price of ETH fall?

Ethereum (ETH) dropped 5.01% in the past 24 hours, falling more than the overall crypto market, which declined by 3.84%. This was driven by retail investors selling Ethereum ETFs and technical factors that increased selling pressure.

1. Retail ETF Selling – About $4 billion worth of ETH and BTC ETFs were sold this month, reducing market liquidity.
2. Technical Breakdown – ETH’s price fell below important support levels at $3,170 and the 200-week moving average near $2,450.
3. Corporate Selling – Companies holding Ethereum, like FG Nexus, sold $31 million worth of ETH to buy back their own shares.

Deep Dive

1. Retail ETF Outflows (Negative Impact)

What happened: Retail investors sold roughly $4 billion in Ethereum and Bitcoin ETFs in November 2025, marking the largest monthly outflow ever (JPMorgan). Ethereum ETF holdings dropped 19%, from $18.5 billion in October to $15 billion now.

Why it matters: Retail investors make up a large portion of ETH ETF holders, unlike Bitcoin, which is more institutionally held. When these retail investors panic and sell, it puts extra downward pressure on Ethereum’s price.

What to watch: If ETH ETF inflows return, it could help stabilize prices.

2. Technical Support Breakdown (Negative Impact)

What happened: Ethereum’s price fell below a key support level at $3,170 and the 200-week simple moving average (SMA) around $2,450. This triggered automated selling by trading algorithms. Indicators like the MACD show increasing bearish momentum, while the RSI is near oversold levels but hasn’t yet signaled a rebound.

Why it matters: When prices break below long-term support levels, it often leads to more selling as traders try to limit losses. The next strong support level is around $2,500, so many traders are cautious or exiting their positions.

What to watch: Closing daily prices above $2,900 would help challenge this bearish trend.

3. Corporate Treasury Selling (Negative Impact)

What happened: Publicly traded companies holding Ethereum, such as FG Nexus, sold over 10,900 ETH (about $31 million) to fund stock buybacks after their share prices dropped 37% in a month. Other firms like ETHZilla also sold ETH, adding to selling pressure.

Why it matters: These companies are now trading below the value of their Ethereum holdings, encouraging them to sell more ETH to support their stock prices. Together, they hold over 40,000 ETH, which could weigh on the market for some time.

Conclusion

Ethereum’s recent price drop is due to a combination of retail ETF selling, technical breakdowns, and corporate selling—all happening amid high market fear (CMC Fear Index at 15). While staking of ETH is at record levels (36.27 million ETH), long-term holders haven’t yet offset short-term panic selling.

Key watch: Can Ethereum hold above $2,900 to avoid a sharp quarterly drop similar to 2018’s 40% decline? Also, keep an eye on the Federal Reserve’s FOMC meeting on December 9-10 for potential market-moving news.