US spot Ethereum ETFs surpass $4 billion in cumulative net inflows as first anniversary approaches
Quick Take Spot Ethereum ETFs in the U.S. reached a cumulative net inflow of over $4 billion on Monday, just one month shy of their first anniversary. The Ethereum ETFs have overcome more than $4 billion in net outflows from Grayscale’s converted ETHE fund to reach the milestone.
U.S. spot Ethereum exchange-traded funds surpassed $4 billion in cumulative net inflows on Monday, according to data compiled by The Block, eleven months following their launch on July 23, 2024.
The Ethereum ETFs added a combined $100.7 million on June 23 to reach the milestone — the strongest daily inflows in a week despite ongoing fears surrounding the geopolitical conflict in the Middle East.
Fidelity's FETH led Monday's inflows, attracting $60.5 million to outshine BlackRock's usually dominant ETHA fund, which brought in $25.8 million. Grayscale's ETHE and ETH products added $9 million and $5.4 million, respectively, while the other funds witnessed zero flows for the day.
Similar to the U.S. spot Bitcoin ETFs, the Ethereum ETFs have experienced substantial net outflows of $4.3 billion from Grayscale's higher-fee ETHE fund since its conversion, which would have resulted in a cumulative net inflow total of $8.3 billion without this change.
Following those outflows, Grayscale's ETHE market share by holdings has decreased from 89.7% at launch to 30.2% — although some of that has simply shifted into its mini ETH product. Meanwhile, BlackRock's ETHA has grown to lead the market with a 31.8% share as of June 23. Fidelity's FETH ranks third at 18%, and Grayscale's ETH follows in fourth place with 15.5%.
"Spot Ethereum ETFs just surpassed $4 billion in cumulative inflows since launch. *Includes* $4.3 billion outflows from ETHE unlock. Seems pretty successful to me," The ETF Store President Nate Geraci said on X. "I remember when 'pundits' thought top end for spot Bitcoin ETFs in year 1 would be $5 billion. People always moving goalposts."
Cumulative trading volume for the U.S. spot Ethereum ETFs stands at $89 billion, with daily volume remaining elevated above average levels on Monday at $840 million. However, that's still down from a daily peak of more than $1.5 billion in early February.
Lagging Bitcoin ETFs
In comparison, the U.S. spot Bitcoin ETFs had reached $34.7 billion in cumulative net inflows in their first 11 months after launch in January 2024 — a figure that currently stands at $47.3 billion.
The Bitcoin ETFs attracted $350.8 million worth of net inflows on Monday, led by BlackRock's IBIT, extending their recent positive run to 10 days totaling $2.8 billion.
However, on a market cap-weighted basis, with ETH's $290.3 billion representing around 13.8% of BTC's $2.1 trillion, the ETF inflow figures are more comparable.
Bitcoin is currently trading at $105,091, according to The Block's BTC price page , representing a 3.2% increase over the past 24 hours. Meanwhile, Ethereum is changing hands for around $2,403, having gained 6.3% over the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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