Ethereum faced double-pronged pressure on Nov. 2 as a hacker tied to the Pando Rings project moved millions through Tornado Cash while BlackRock’s spot Ether ETF recorded heavy outflows. The hacker acquired 7,548 ETH worth about $16.72 million and later deposited 4,000 ETH—roughly $9.17 million—into Tornado Cash, reigniting concerns about laundering and security in the Ethereum ecosystem.
Lookonchain data showed BlackRock’s iShares Ethereum Trust ETF, ETHA, lost 580,145 ETH, approximately $1.32 billion, over the past month. In the latest snapshot, daily net withdrawals across tracked Ethereum funds reached 44,837 ETH worth $102.12 million, with ETHA accounting for 34,383 ETH, or about 76.7% of the total. Grayscale’s combined ETHE and ETH products lost 9,015 ETH, Fidelity’s FETH lost 1,418 ETH, and Bitwise’s ETHW lost 21 ETH, while VanEck’s ETHV and the products grouped under Others recorded no daily net movement.
Over seven days, BlackRock withdrawals reached 169,205 ETH, exceeding the entire tracked group’s net outflow of 147,585 ETH. Fidelity moved the opposite direction, attracting 27,067 ETH. Excluding BlackRock, other issuers recorded a combined net inflow of 21,620 ETH, with Fidelity the only major Ethereum product holding a positive seven-day balance.
For October, Farside data showed ETHA lost roughly $1.4205 billion, with no positive daily sessions and three flat sessions. Across all Ethereum ETFs, October net withdrawals totaled about $1.6072 billion, meaning ETHA represented 88.4% of monthly redemptions. From Oct. 26–30 alone, ETHA lost $391.1 million, including $76.6 million on the final October session. ETHA’s redemption process uses authorized participants and permits in-kind redemptions following SEC orders issued July 29, 2025.
Lookonchain’s separate Bitcoin table recorded daily withdrawals of 7,919 BTC worth $614.26 million and seven-day withdrawals of 2,292 BTC, though BlackRock’s IBIT retained a positive seven-day inflow of 2,038 BTC. Still, the dominant story remained Ethereum-specific: sustained institutional outflows from ETHA and a fresh on-chain laundering event may increase caution among traders and DeFi participants.
