Ethereum price tested by ETF outflows and upgrade delay
Published on 11/04/2026 at 07:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSEthereum faces conflicting signals
- US spot Ether ETFs recorded $139.80 million in net outflows on November 2, extending the withdrawal streak to six trading days.
- October ETF outflows reached $1.61 billion, according to Yahoo Finance, while the Ethereum Foundation has postponed the Glamsterdam Hoodi testnet activation.
- Investing.com listed Ethereum at $2,291.82, with a market capitalization of $279.55 billion and 24-hour volume of $7.89 billion when checked.
The Ethereum price is caught between a firm spot quote and weakening institutional flows. Investing.com listed Ethereum at $2,291.82 in real time when checked on November 4, with a market capitalization of $279.55 billion, 24-hour volume of $7.89 billion and 122.19 million ETH in circulation. The page also showed a 52-week range of $1,507.60 to $3,657.37. These figures describe the checked market page and are not a UTC day-close comparison.
ETF demand remains a drag
US spot Ether ETFs recorded net outflows of $139.80 million on November 2, according to TokenPost. That was the sixth consecutive trading day of withdrawals. BlackRock's ETHA accounted for $138.31 million of the outflows, while Morgan Stanley's MSSE attracted $3.15 million. Total net assets across the 11 funds stood at $13.18 billion, and cumulative net inflows were reported at $12.15 billion.
The broader October picture was also weak. Yahoo Finance reported that US spot Ethereum ETFs lost $1.61 billion during October, their largest monthly outflow since launch. The report also cited Bloomberg analyst James Seyffart's estimate that ETF buyers' average cost basis was just under $3,200, leaving holders with nearly $3.5 billion in unrealized losses at the end of October. ETF redemptions do not by themselves establish the future direction of ETH, but they indicate that regulated-market demand has weakened.
Upgrade delay adds uncertainty
Ethereum's development roadmap has also encountered a delay. The Ethereum Foundation said on October 22 that the Glamsterdam upgrade on the Hoodi testnet had been postponed and that no replacement activation date had been set. The decision followed a review of interactions between EIP-8037 and mainnet smart contracts. The postponement also removed a planned Hoodi gas-limit increase to 200 million.
The Foundation explicitly said the update concerns Hoodi and does not set a mainnet activation date. It also said that no action was required from mainnet users or ETH holders as a result of the announcement. For investors, the direct implication is therefore limited: the delay is a development milestone to monitor rather than evidence of a mainnet disruption.
What investors should watch
Near-term attention is likely to remain on whether ETF creations return after the extended withdrawal streak. A sustained recovery in flows could improve the demand picture, while further redemptions would keep institutional participation under pressure. The Ethereum price remains highly sensitive to changing crypto-market conditions, and the quoted market data should be treated as a time-specific snapshot rather than a trading signal.
Further Ethereum coverage is available on the Ethereum topic page.
