Glassnode: US spot Ethereum ETFs have recorded net outflows
Glassnode, an on-chain data platform, said that US spot Ethereum ETFs have seen net outflows for 23 consecutive trading days, setting the longest consecutive net outflow record since the launch of such funds. Glassnode believes this indicates that demand for ETH from traditional finance investors has weakened, while such investors had bought heavily in August and September. Two Chinese-language crypto media outlets reported the data in succession, with basically consistent wording.
Event timeline
- [10-31 23:58] Glassnode: US spot Ethereum ETFs have seen net outflows for 23 consecutive trading days, the longest record since launch (Wu Shuo)
- [11-01 00:05] Glassnode: US spot Ethereum ETFs have seen net outflows for 23 consecutive trading days, setting the longest net outflow record (PANews)
Background and impact
Late at night on October 31, 2026, through the early hours of November 1, two Chinese-language crypto media outlets reported the same set of data in succession. Wu Shuo published the news at 23:58 on October 31, and PANews cited the same source at 00:05 on November 1, saying that on-chain data analysis platform Glassnode stated that US spot Ethereum ETFs had seen net fund outflows for 23 consecutive trading days, setting the longest consecutive net outflow record since the launch of such funds. The two sources were consistent on the number of trading days of net outflows, the nature of the record, and the statistical object.
Glassnode's interpretation of the data points to a change on the demand side: this sustained net outflow indicates weak demand for ETH from traditional finance investors, while the same group of investors had bought heavily in August and September. The two sources said basically the same thing: Source one said "demand for ETH from traditional finance investors is weak"; Source two said "traditional investors who had bought heavily in August and September now have weakened demand." It can be seen that the two media outlets have no obvious disagreement on the facts and interpretation; the difference lies only in publication time and individual wording: PANews marked the news time as November 1, while Wu Shuo marked it as 23:58 on October 31.
In terms of time span, 23 consecutive trading days of net outflows is the longest consecutive net outflow period since the launch of such funds, forming a clear contrast with the buying trend in August and September. It should be noted that the two reports only gave the number of trading days and the nature of the record, and did not disclose the cumulative outflow amount, the scale of single-day outflows, or name specific funds. Therefore, it is impossible to judge the concentration of outflows among products based on this, nor is it sufficient to estimate the relative impact of this trend on the size of the spot market. Glassnode's statement likewise remains at a qualitative judgment of demand strength and weakness, without providing further quantitative breakdown.
Future observable points include: whether net outflows will continue in the coming trading days, and whether data platforms such as Glassnode will supplement disclosure of scale and product-level details. For market observers, ETF fund flows are an indicator tracked by data platforms such as Glassnode, and are not the same thing as the entry point through which ordinary users check market quotes daily; the latter is commonly found in app interfaces provided by channels such as Huobi HTX registration APP download, Zhima Gate.io registration APP download, Bitget registration APP download, Binance registration APP download, and OKX registration APP download. The two types of information can be referenced against each other, but cannot replace each other.
FAQ
### What does 23 consecutive trading days of net outflows mean?
According to Glassnode, this is the longest consecutive net outflow record since the launch of US spot Ethereum ETFs, reflecting weakened demand from traditional finance investors who had previously bought heavily in August and September. It is a qualitative judgment of demand strength and weakness.
### What scope does this set of data cover?
The statistical object is US spot Ethereum ETFs as a whole. Neither source disclosed the cumulative outflow amount, the scale of single-day outflows, or named specific funds, so from the available material it is not possible to see the distribution of outflows among individual products.
### What points need to be watched next?
First, whether net outflows will continue in subsequent trading days; second, whether platforms such as Glassnode will supplement disclosure of scale and product-level detail data. Existing reports only cover the point of 23 consecutive trading days.