Ether ETF Bleed Extends to Third Session as XRP Funds Also Slip
Withdrawals hit ether products even as the token gained 2%, with bitcoin funds absorbing $159 million and a single Zcash trust drawing record monthly interest.
Illustration · generated, not a photograph
U.S. spot ether exchange-traded funds bled cash for a third session running on Thursday, shedding roughly $39 million in net withdrawals even as the underlying token climbed. It is an odd split: ether rose 2% to around $2,470 while investors kept pulling money out of the funds that hold it.
The recent tally shows the scale of the retreat. About $224 million left the ether products on Wednesday and another $141 million on Tuesday, according to SoSoValue. XRP funds swung the other way only briefly — they took in a modest amount on Wednesday, then gave back roughly $5 million on Thursday.
Bitcoin told a different story. Its ETFs drew about $159 million of net inflows on the day, and the lone U.S. Zcash fund pulled in close to $47 million — its best single session yet in a September that has delivered the trust more than $230 million. Over the past 30 days, the ether funds are still ahead by more than $1.5 billion and bitcoin by nearly $2.5 billion.
Crypto trades with the equity tape
The divergence between flows and prices was not lost on markets watching the broader picture. Zcash led the majors again, up 10% to about $1,488, with hyperliquid's HYPE nearly matching that gain at just above $86. Solana added 5% to nearly $105, BNB gained almost 4% to around $750, and Dogecoin rose about 4%. Ether and XRP each gained 2%, while bitcoin advanced more than 1% to roughly $77,216, per CoinDesk data. Tron was the only major asset to sit still.
The backdrop mattered. The day before, the Federal Reserve had raised rates for the first time since 2023, yet stocks and bonds rallied together on Thursday as oil retreated. The S&P 500 climbed about 1% for its biggest daily gain in six weeks, the Nasdaq 100 rose nearly 2%, and an index of chipmakers jumped 3%.
The 10-year Treasury yield fell, ending an eight-day climb, while the dollar barely budged. Gold moved higher and Brent crude settled below $105 a barrel.
Falling crude blunts the inflation pressure the Fed was trying to tackle with its hike, which is why bonds and stocks rose together instead of pulling against each other. Crypto has been responding to the same signal all week, and the majors tracked equities rather than running ahead of them — a pattern worth noting for anyone watching whether the flow picture turns.
The Zcash trust is now attracting capital on days when the two largest crypto ETF products are shedding it, and CoinDesk's reporting flagged that whether this continues through next week is the flow worth tracking.
Source reporting
The outlets whose reporting this account was written from.
Written from the reporting and primary documents credited at the foot of this story. Facts are credited to the outlet or document that established them. How Chainpress works