Ethereum Turns Crowd Favorite as ETFs Log 10 Days of Outflows

Ethereum has become the crowd favorite in social sentiment, and its exchange-traded funds have just done the opposite for ten trading days straight. Santiment puts bullish Ethereum comments at 2.05 for every bearish one. Over the same stretch, US spot Ethereum ETFs posted a net outflow every session from 29 September through 12 October.

Both readings can be true at once, because they answer different questions. Comments are what people say. Fund flows are what money does.

What the 2.05 Ratio Actually Counts

Santiment tracks posts across X, Reddit and Telegram and reports a ratio of bullish to bearish comments. Ethereum's 2.05 was published on 13 October. Bitcoin sits at 0.82 and XRP at 0.92, so bearish comments outnumber bullish ones on both.

The Bitcoin number followed repeated failures to hold above $87,000 and a slide toward $81,000. XRP's came after a weekly decline of more than 9%, with the token unable to clear $1.40.

That ratio is a count of comments, not of positions. It tells you what the accounts posting about Ethereum expect. It does not tell you who is buying, which is the part the FOMO framing leaves out.

Which Funds Sold Through the Streak

Farside Investors' flow table shows a net outflow on every trading day from 29 September to 12 October. Three sessions did most of the damage.

Adding Farside's daily totals across the ten sessions gives roughly $783 million in net withdrawals. The funds had taken in money on the three sessions before the run started: $66.1 million on 24 September, $87.0 million on 25 September and $17.1 million on 28 September.

One fund dominates both directions. BlackRock's ETHA accounts for $12.7 billion of the $13.2 billion in cumulative net inflows across the US Ethereum ETFs, and it supplied the entire category's loss on 6 October. When ETHA sells, the headline number is ETHA selling.

Where the Streak Sits Against Lifetime Flows

Grayscale's ETHE is the outlier on the other side, at minus $5.5 billion over its life. It also charges 2.50%, the highest fee on Farside's list, against 0.20% for Bitwise's ETHW. A fee is not proof of cause, but the fund with the lifetime outflows is also the most expensive one to hold.

The recent selling is still small against the category's size. It is a change in direction, not a wipeout of the money that arrived since launch.

The Eleventh Session Is Unsettled

Farside's table had no flow entry for 13 October, with the total row sitting at 0.0. The run therefore stands at ten sessions, and a single day of net inflows would end it.

What matters next is whether ETHA keeps leading the selling. It has led the category in both accumulation and withdrawal, so its daily number is the one that decides whether the streak becomes eleven.