Ethereum has fallen about 13 percent over the past 30 days, underperforming bitcoin.

CryptoPolitan, a blockchain media outlet, reported on Oct. 25 that ethereum briefly fell below $2,300 on Oct. 24. Its decline over the past 30 days was 12.96 percent, a bigger drop than bitcoin’s 4.71 percent fall over the same period.

Ethereum also showed notable weakness in the short term. Over the past seven days, ethereum fell 3.33 percent and bitcoin fell 1.48 percent. Ethereum also fell about 0.7 percent on Oct. 24, compared with bitcoin’s roughly 0.1 percent drop.

Ethereum’s relative weakness also showed in the ETH/BTC ratio. The ratio, which converts ethereum’s price into bitcoin terms, fell to 0.0291 from about 0.0319 30 days earlier. Ethereum rose to about $2,754 on Oct. 2 but has since fallen about 15 percent. It is about 53 percent below its record high of $4,946.05 set in August last year. Bitcoin has fallen about 36 percent from last October’s peak of $126,080.

Outflows also continued from spot ethereum exchange-traded funds. Farside Data showed net outflows of $110.6 million on Oct. 22.

By fund, $75.5 million flowed out of BlackRock’s iShares Ethereum Trust (ETHA). BlackRock’s ETHB, Grayscale’s ETHE and the Grayscale Ethereum Staking Mini ETF posted net outflows of $17.2 million, $9.6 million and $10.7 million, respectively. Fidelity’s FETH recorded net inflows of $2.4 million.

On Oct. 21, a day earlier, there were net inflows of $14.9 million, but the rebound lasted only a day. At the time, the Grayscale Staking Mini ETF and FETH saw inflows of $28.1 million and $13.0 million, respectively, while ETHA recorded outflows of $29.3 million. Total net outflows over five consecutive trading days from Oct. 14 to Oct. 20 were $388.9 million, and cumulative net outflows over seven trading days through Oct. 22 increased to $484.6 million. The biggest daily outflow during that period was $129.5 million on Oct. 14, and $103.3 million also flowed out on Oct. 19.

Outflows also continued in early October. About $408.0 million flowed out over six consecutive trading days starting Sept. 29. On Oct. 6, $201.89 million flowed out of ETHA alone.

As a result, cumulative net outflows from spot ethereum ETFs from Oct. 1 through Oct. 21 reached about $1.08 billion. It was the largest monthly net outflow this year and the biggest since November last year. With outflows exceeding September’s net inflows of about $832.0 million, cumulative net inflows since the start of the year fell to about $485.0 million. As of Oct. 20, total net assets stood at $14.98 billion, equal to 5.01 percent of ethereum’s market capitalisation.

Over the same October measurement period, net outflows from spot bitcoin ETFs were limited to about $67.0 million. Cumulative net inflows since the start of the year also held at about $809.0 million, widening the gap with spot ethereum ETFs.

Ethereum is seeing a bigger price decline than bitcoin while also facing ETF outflows. The key question is whether outflows from spot ETFs will ease and whether further redemptions will add downward pressure on prices.