Ethereum ETFs See Major Outflows as CFTC Sets New Rules

Ethereum spot ETFs in the U.S. faced significant outflows last week, totaling approximately $37 million on Friday alone. This marked a decline from the previous day's $55 million outflow, with the largest single-day loss coming from the ETHA fund at $20 million. Since the start of October, these outflows have reached nearly $93 million, with last week's total hitting around $138 million.

In the derivatives market, the liquidation levels for ETHUSD spot CFDs were noted at $2,845 for shorts and $2,577 for longs. Major cryptocurrency exchanges held about $1.09 billion in short positions and $847 million in long positions. Additionally, whales maintained a substantial open exposure of $9.84 billion in ETHUSD spot CFDs, with 53% of that being short positions.

Regulatory updates included the CFTC's classification of Ethereum vs. US Dollar Spot CFD (ETHUSD) as a digital commodity under its oversight, announced on March 17, 2026. CFTC Chair Michael S. Selig also revealed plans on October 5, 2026, to advance rules targeting leveraged retail trading of digital assets, which would impact ETHUSD spot CFD trading.

Analysts from Citi set a 12-month target for ETHUSD at $3,028, representing a 12% increase from current levels. Meanwhile, data from Artemis indicated that traders' average cost basis was near $3,300, about 22% above the spot price. Ethereum was trading near $2,700, reflecting a year-to-date loss of around 7% in 2026.

BitMine held 5.07 million ETH, valued at approximately $13.8 billion, with an estimated annual staking revenue of $363 million. The firm remained about 89,000 ETH short of holding 5% of the total Ethereum supply. Major holders increased their ETH accumulation and staking last quarter, contributing to a near-term positive sentiment and relative strength of ETHUSD against macro assets.