Ethereum ETFs See Nearly $200M in Outflows as Unstaking Queue Hits Record

According to data from SoSoValue, spot Ether ETFs saw $196.7 million withdrawn, their second-worst daily figure since launch. Only August 4th’s $465 million exodus was larger. Combined with Friday’s $59 million in redemptions, the two-day tally now stands at $256 million.

BlackRock and Fidelity Lead Outflows

Farside data shows that BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s FETH were the hardest hit. On Monday alone, ETHA lost $87 million, while Fidelity’s fund shed $79 million. Last Friday, FETH recorded $272 million in outflows, accounting for most of that day’s losses.

Despite the sell-off, BlackRock remains one of the largest institutional holders of Ether, with ETHA still controlling around 3.6 million ETH worth roughly $15.6 billion after Monday’s decline.

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Ethereum Price Under Pressure

The outflows come as ETH has fallen more than 6.5% in recent days, dropping to around $4,299 at the time of writing. The turbulence coincides with a surge in Ethereum’s staking withdrawal queue, which has reached unprecedented levels.

Data from ValidatorQueue shows over 910,000 ETH (around $3.9 billion) now await withdrawal — an all-time high. Validators currently face a wait time of more than 15 days to exit staking pools, intensifying concerns about mounting sell-side pressure.

Market Reactions and Risks

The spike in pending withdrawals has fueled warnings of a looming “unstakening.” Bitcoin advocate Samson Mow recently remarked that while the long-debated “flippening” between ETH and BTC will never happen, the surge in unstaking could drag ETH’s value lower against Bitcoin, potentially revisiting 0.03 BTC.

At present, ETH trades at around 0.036 BTC, according to TradingView.

Ether ETFs Gaining Ground vs Bitcoin

Interestingly, despite this week’s outflows, Ethereum ETFs have recently been outpacing Bitcoin ETFs in inflows. Data from Dragonfly’s Hildobby shows that about 5% of ETH’s circulating supply is now held by ETFs, compared to 6.4% of Bitcoin’s supply.

If current trends continue, Ether ETFs could overtake Bitcoin ETFs in supply share as soon as September — a milestone that would further highlight ETH’s growing role in institutional portfolios, even as near-term volatility shakes investor confidence.

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