Ether Loses 13% in a Month as Bitcoin Falls Less Than 5%

Ether Underperforms Bitcoin as ETH/BTC Ratio Drops to 0.0291

Ether (ETH) continues to face sustained downward pressure relative to Bitcoin (BTC), dragging the ETH/BTC ratio down to around 0.0291, a decline from the 0.0319 level observed at the start of a 30-day monitoring window. Over a seven-day stretch, Ether shed 3.33% of its value, while Bitcoin proved comparatively resilient with a smaller decline of 1.48%. On an intraday basis leading into the late session, Ether slipped approximately 0.7%, while Bitcoin eased by about 0.1%.

The secondary market retreat extends a broader correction for the second-largest cryptocurrency by market capitalization. Ether reached a peak for the period near $2,754 on October 2 but has since surrendered roughly 15%. This decline leaves the token down approximately 53% from its record peak of $4,946.05 set in August 2025. In contrast, Bitcoin sits approximately 36% below its own all-time high of $126,080 recorded in October 2025. As of late October 24, Ether’s total market capitalization stood at roughly $286 billion.

BlackRock’s ETHA Leads Heavy Outflows in Spot Ether ETFs

Institutional interest through regulated investment vehicles has hit a sharp cold spell, with United States spot Ether exchange-traded funds logging substantial capital departures. According to data tracked by Farside, US spot Ether ETFs saw net redemptions of $110.6 million on October 22 alone. BlackRock’s flagship iShares Ethereum Trust (ETHA) accounted for the lion’s share of that drawdown, bleeding $75.5 million in a single session. Further compounding the outflows, BlackRock’s ETHB lost $17.2 million, Grayscale’s Ethereum Trust (ETHE) shed $9.6 million, and Grayscale’s Ethereum Staking Mini ETF shed $10.7 million. Bucking the trend, Fidelity’s FETH captured $2.4 million in net additions.

The heavy liquidations on October 22 quickly extinguished a brief rebound on October 21, when the collective funds posted $14.9 million in net inflows—anchored by $28.1 million moving into Grayscale’s staking mini fund and $13 million into Fidelity’s FETH, despite ETHA shedding $29.3 million that day. Prior to that brief respite, a five-session losing streak spanning October 14 through October 20 pulled $388.9 million out of the sector. The seven sessions culminating on October 22 cost the funds an aggregate of $484.6 million, with the steepest single-day hit occurring on October 14 when $129.5 million exited, complemented by a $103.3 million drop on October 19. By October 23, preliminary data signaled slight net inflows of $4.4 million, though reporting for the ETHV fund remained absent.

October Sets Record as Worst Month of Redemptions in 2026

The concentrated outflows in late October have cemented the month as the most challenging for spot Ether products since November 2025. By October 21, monthly outflows reached $1.08 billion, setting the record for the largest monthly net capital flight of 2026. This dynamic completely negated the approximate $832 million in positive net inflows generated during September, whittling cumulative year-to-date net inflows down to around $485 million.

As of October 20, aggregate net assets across US spot Ether ETFs contracted to $14.98 billion, representing 5.01% of Ether’s total market value. The retreat was not confined to mid-month; a six-session streak starting September 29 sapped roughly $408 million, punctuated by October 6 when ETHA alone gave up $201.89 million.

Why This Matters

The deep retrenchment in Ether investment vehicles highlights a stark divergence in institutional capital allocation between the top two digital assets. While spot Ether funds shed $1.08 billion over the initial three weeks of October, spot Bitcoin ETFs weathered the market softness with far greater stability, bleeding only about $67 million over the same timeframe and preserving approximately $809 million in net inflows for 2026.

This persistent disparity explains why the ETH/BTC cross rate has continued its descent toward multi-month lows. With Ether trading at a 53% discount from its prior peak—compared to Bitcoin’s 36% discount—and institutional investors pulling back exposure from major vehicles like BlackRock’s ETHA, Ether faces ongoing structural resistance until broader ETF demand stabilizes.

Frequently Asked Questions

How much capital left US spot Ether ETFs during October 2026?

By October 21, US spot Ether ETFs experienced $1.08 billion in net outflows, making October the heaviest single-month exit of capital for the products in 2026 and reversing approximately $832 million in net inflows collected throughout September.

Which fund experienced the largest outflows on October 22?

BlackRock’s iShares Ethereum Trust (ETHA) suffered the heaviest losses on October 22, recording $75.5 million in net outflows out of the total $110.6 million drained across all US spot Ether funds that day.

How does Ether’s drawdown compare to Bitcoin’s performance?

Ether has lagged behind Bitcoin across multiple metrics: over a seven-day timeframe, ETH dropped 3.33% versus BTC’s 1.48% decline, driving the ETH/BTC ratio down to 0.0291. Additionally, Ether is down about 53% from its August 2025 high of $4,946.05, whereas Bitcoin is trading roughly 36% below its October 2025 record of $126,080.