Ethereum ETF outflows hit $224M after Fed hike, yet price rose 1.54%
On September 16, US spot Ethereum ETFs saw $224M outflows, led by BlackRock's iShares ETHA with $110.03M. Ethereum's price rose 1.54% despite outflows. Cumulative inflows remain strong at $13.14B. Bitcoin ETFs also faced $296M outflows, with BlackRock's IBIT accounting for $144.1M. The Fed's rate hike triggered the sell-off.
How this was made

The 30-second read
Why it matters
The rate hike acted as a catalyst for institutional de‑risking, leading to unprecedented single‑day outflows in the largest spot Ethereum and Bitcoin ETFs.
Market read
First Fed hike spurs sizable crypto‑ETF outflows, highlighting sensitivity of institutional crypto exposure to macro policy.
What to watch
Cumulative net inflows of $13.14 B in Ethereum ETFs indicate a deep liquidity base that could absorb future redemptions without major price impact.
Background
The Federal Reserve announced its first interest‑rate increase in three years on Sep 16, prompting a macro‑driven sell‑off in crypto‑fund products.
Ticker impact
BlackRock’s iShares Ethereum Trust (ETHA) recorded a $110.03 M single‑day outflow on Sep 16, the largest among US spot Ethereum ETFs.
Potential short‑term pressure on ETHA price and NAV.
Largest fund in the category drives flows; a $110 M outflow is material.
Fidelity’s spot Ethereum ETF (FETH) lost $55.58 M on Sep 16, the second‑largest contributor to sector outflows.
Likely NAV decline and possible share price dip.
Redemptions are sizable relative to fund size.
BlackRock’s staking‑enabled Ethereum ETF (ETHB) recorded $19.76 M of redemptions on Sep 16.
Minor impact on ETHB’s NAV.
Outflow is modest compared with total sector flows.
21Shares’ spot Ethereum ETF (TETH) posted a small inflow on Sep 16, bucking the sector trend.
Potential modest upside for TETH relative to peers.
Contrarian flow may attract attention but scale is limited.
BlackRock’s spot Bitcoin ETF (IBIT) contributed $144.1 M of the $296 M Bitcoin‑ETF outflows on Sep 16.
Pressure on IBIT’s NAV and share price.
IBIT is the biggest Bitcoin ETF; its outflow is material.
Market effects
Fed rate hike triggered broad de‑risking in crypto‑fund sector, causing $224 M outflows from Ethereum ETFs and $296 M from Bitcoin ETFs.
U.S. institutional investors reduced exposure to spot crypto ETFs, potentially dampening demand for related crypto assets.
First Fed hike in three years may influence global crypto fund flows and risk appetite.
Counterpoint
Despite heavy outflows, Ethereum’s price rose 1.54%, suggesting underlying demand remains strong and that price may decouple from fund flows.
Key entities
- central_bankFederal Reserve
Implemented first rate hike in three years, triggering market reaction.
- asset_managerBlackRock
Provider of the largest spot Ethereum (ETHA) and Bitcoin (IBIT) ETFs.


