U.S. spot Ethereum ETF funds continue to flow back. Data shows that such products saw a net inflow of $225.8 million on Thursday, marking the largest single-day inflow since October 28, 2025, and extending the consecutive net inflow days to 9 trading days.
$1.42 billion flowed in over 9 trading days
Since August 17th, the cumulative net inflow of spot Ethereum in the United States has reached $1.42 billion. Farside Investors Data shows that the last time there was a net outflow before this round of buying was on August 11th, and on August 14th, there was neither inflow nor outflow.
In this round of capital flow, ETHA under BlackRock is the main money-absorbing product. The fund saw a cumulative inflow of $1.02 billion over 9 trading days, accounting for about 72% of the total inflow in the entire category, and it maintained net buying throughout those 9 days. On-chain analysis firm Arkham also mentioned that ETHA attracted $889.8 million in the first 8 trading days, which is consistent with the statistics of Farside.
- Thursday net inflow: $225.8 million
- 9 trading days in total: $1.42 billion
- ETHA Inflow for the same period: 1.02 billion US dollars
The gap with Bitcoin ETF is narrowing.
On Thursday, the net inflow of spot Bitcoin in the United States was $242.3 million, which was only $16.5 million more than that of Ethereum. In contrast, on August 17, the first day of this round of simultaneous inflows, the amount of capital attracted by Ethereum was about one-tenth of that of Bitcoin.
Apart from ETHA, Fidelity's FETH was also an important source of inflows during this round, with a single-day net inflow of 56.2 million US dollars on Thursday, setting the best single-day performance during this period of capital return. BlackRock's pledged Ethereum product ETHB also recorded an inflow of 20.7 million US dollars on that day.
Institutions claim that the buying orders come from traditional markets.
Bitwise Europe Senior Researcher Max Shannon stated that this round of buying is more likely to come from funds outside the crypto market. He believes that the inflow this week is related to the increased risk appetite in traditional markets. According to his statistics, Ethereum ETF has attracted $713.6 million in inflows this week, which is consistent with Farside data.
However, Ethereum's overall performance has still lagged behind Bitcoin and some larger tokens recently. Shannon mentioned that some funds have shifted to more volatile mainstream tokens, including ZEC, XRP, SOL, and HYPE, which also indicates that the current market trading trends are more dispersed than before.
CoinGecko Data shows that Ethereum closed at around $2,477 on Friday, a 0.5% decline over 24 hours, but it still rose by about 5% in the past week. Shannon It is also mentioned that Ethereum is currently hovering near the 200-week moving average, which is the first time it has returned to this level since falling below it in January of this year. If spot trading volume does not continue to increase, the sustainability of the market trend, relying solely on ETF capital inflows, remains to be seen.
