Investment outflows from the Fidelity Ethereum Fund (FETH) exceeded $25 million on Oct. 1, marking a new all-time high in daily outflows among all other United States-based spot Ether exchange-traded funds (ETFs), excluding the Grayscale Ethereum Trust (ETHE).

On Oct. 1, the spot Ether (ETH) ETFs saw cumulative outflows of $48.6 million across nine issuers. FETH, ETHE and the Bitwise Ethereum ETF (ETHW) contributed $25 million, $26.6 million and $0.9 million in outflows, respectively.

The only ETH ETFs to record positive inflows were 21Shares’ Core Ethereum ETF (CETH) and the VanEck Ethereum ETF (ETHV), which brought in $1.2 million and $2.7 million, respectively. The rest reported no change.

Grayscale continues to hold the record for daily outflows

Despite Grayscale’s ETHE continuing to hold the record for daily outflows, Fidelity’s milestone underscores the pressure on the ETH ETF market. However, FETH remains the second-highest in total investments, at $453.5 million.

BlackRock’s iShares Ethereum Trust (ETHA) leads in total investments, surpassing $1.14 billion as of Oct. 1.

Despite consistent inflows recorded by other players over the last three months, Grayscale outflows are closing in on the $3 billion mark. As a result, total investments in spot Ether ETFs in the US now show a $572 million deficit.

Related: Bitwise files XRP ETF trust registration in Delaware

Bitcoin ETFs mimic Ethereum outflows

The spot Bitcoin (BTC) ETF market followed a similar trend, recording aggregate outflows of $242.6 million on Oct. 1. This also marked the largest outflows in almost a month since Sept. 3.

The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest outflow at $144.7 million, followed by the ARK 21Shares Bitcoin ETF (ARKB), which saw an $84.3 million outflow.

Spot prices for Bitcoin dropped nearly $4,000 after Iran’s missile attack on Israel on Oct. 1 but had rebounded to $61,750 at the time of publication.

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