Key facts
- U.S. spot Ethereum ETFs recorded inflows of $225.8 million on Thursday.
- This is the largest inflow for ETH ETFs in 10 months.
- The funds have experienced nine consecutive days of net inflows, totaling $1.42 billion.
- BlackRock's ETHA fund has been the primary driver, accounting for $1.02 billion.
- U.S. spot Bitcoin ETFs saw inflows of $242.3 million on the same day.
U.S. spot Ethereum exchange-traded funds (ETFs) experienced their most significant inflow day in nearly a year on Thursday, attracting $225.8 million. This surge extends a streak of nine consecutive sessions of net inflows, bringing the total to $1.42 billion since August 17.
BlackRock's iShares Ethereum Trust (ETHA) has been the dominant force, accumulating $1.02 billion, or 72% of the total inflows during this period. The fund has reportedly bought Ethereum on every trading day since August 17. Fidelity's Ethereum ETF (FETH) was the second-largest recipient, with $56.2 million on Thursday, while BlackRock's staked Ethereum product (ETHB) added $20.7 million.
The inflows for Ethereum ETFs are narrowing the gap with their Bitcoin counterparts. On Thursday, U.S. spot Bitcoin ETFs saw inflows of $242.3 million, just $16.5 million more than Ethereum ETFs. This contrasts with August 17, when Ethereum funds received only a tenth of Bitcoin's haul.
Ethereum was trading around $2,477 on Friday, a slight decrease of 0.5% over the past 24 hours but representing a 5% gain for the week. According to Max Shannon, a senior research associate at Bitwise Europe, the recent inflows are likely driven by increased risk appetite in traditional markets, as measured by Bitwise's Cross Asset Risk Appetite index.
Despite the strong ETF inflows, Ethereum has lagged behind Bitcoin and larger altcoins in performance since August 19. Shannon noted that capital has rotated into "higher-beta blue-chip names" like ZEC, XRP, SOL, and HYPE, which have outperformed. Ethereum is currently testing its 200-week moving average, a critical level that could influence short-to-medium-term price momentum. Shannon also pointed out that approximately 1.1 million ETH were acquired around this level, which might create temporary resistance if holders decide to sell into strength. For the market to sustain its footing, Shannon emphasized the need for increased spot trading volume, which has been relatively soft.