Investors pulled $56.1 million from US spot Ethereum ETFs on October 9. The ninth straight day of withdrawals came entirely from BlackRock’s fund.

These funds let investors own ETH through an ordinary brokerage account. Since September 29, they have shed about $697 million, erasing most of the $850.8 million they drew in the seven sessions before.

Ethereum ETF Outflows Match June’s 9-Day Run

The streak now equals a nine-day run of withdrawals from June 17 to June 30, according to BeInCrypto’s Ethereum ETF streak coverage.

Total assets across the funds stand at $15.71 billion, per SoSoValue. That is down from nearly $17.9 billion in late September.

Ethereum ETF outflows daily chart showing nine red sessions, Source: SoSoValue

Meanwhile, ETH trades at $2,496, little changed over 24 hours, according to BeInCrypto’s Ethereum price data. It held $2,715.50 on October 2.

Bitcoin (BTC) funds moved the other way on Friday, taking in $21.13 million. However, that followed a $729 million exit across October 7 and 8.

The retreat from ETH also showed up on Binance. Customers there cut 183,602 ETH in September while adding Bitcoin.

$5 Billion in Ethereum Shorts Sit Above the Price

Even as institutional capital pulls out of Ethereum financial instruments, derivatives traders are piling into bets that ETH will fall. These bets, called shorts, are often made with borrowed money.

“Most of the ETH downside liquidity has been taken out for now. Now there are $5 Billion in shorts vs. $1.53 Billion in longs. The only concern is weakening spot demand for Ethereum, which is still making a strong case for more correction,” analyst Ted Pillows noted.

Forced closures of shorts require buying ETH. A wave of them can push the price higher, potentially causing a short squeeze.

Earlier this week, Pillows flagged $2,547 to $2,565 as support, warning a break could open a slide toward $2,190. ETH has since slipped below that zone.

Friday’s data leaves ETF buyers absent and short sellers crowded overhead. Monday’s flow figures will show whether the streak reaches a 10th day.

The post Wall Street Is Pulling Money From Ethereum as Traders Load Shorts appeared first on BeInCrypto.