U.S. spot Ethereum exchange-traded funds (ETFs) have reached a major milestone, recording 19 straight days of net inflows and adding over $5.38 billion since early July. This matches their previous record streak and brings their total ETH holdings close to 5% of the total Ethereum supply, highlighting growing institutional interest in ETH as a long-term asset.
Consistent Demand: $282.9M Per Day
The most recent ETF inflow streak began on July 3 and has quickly surpassed previous records in terms of value. On average, the funds saw $282.9 million per day in net inflows. This marks a major increase from the last 19-day streak (May 16–June 12), when Ethereum ETFs brought in $1.37 billion total.
Although Wednesday’s inflow of $5.8 million was the smallest daily addition during this run, the streak still stands strong, and analysts are watching closely to see if Thursday will break the all-time record for consecutive days of net inflows.
BlackRock Leads the Pack
Among all issuers, BlackRock’s iShares Ethereum ETF (ETHA) has emerged as the top performer. It added $20.3 million on Wednesday and has contributed $4.19 billion of the total $5.38 billion inflows during the 19-day run. That’s nearly 78% of all capital entering ETH ETFs during this period.
Other notable players include:
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Fidelity’s FETH: Added $591.7 million
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Grayscale’s mini ETH product: Added $451 million
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Bitwise’s ETFW: Added $94.3 million
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VanEck’s ETHV: Added $25.6 million
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Franklin Templeton’s EZET: Added $18.8 million
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Invesco’s QETH: Added $3.7 million
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21Shares’ CETH: Added $3.4 million
However, Grayscale’s main ETHE fund saw $6.5 million in net outflows during this same period due to its higher management fees.
Ethereum ETFs Now Hold Nearly 5% of ETH Supply
In total, U.S. spot Ethereum ETFs now hold approximately 5.7 million ETH, valued at around $22 billion. This represents nearly 4.7% of Ethereum’s total circulating supply, which is estimated at 120.7 million ETH.
To put that into perspective, BlackRock’s ETHA alone controls over 3 million ETH, worth more than $11.6 billion. That’s equivalent to roughly 2.5% of all ETH in circulation, showing just how dominant the fund has become in the Ethereum ETF market.
Comparatively, Ethereum treasury holdings (held by crypto treasury firms and institutions) recently surpassed $10 billion, representing 2.73 million ETH or about 2.3% of ETH’s circulating supply, across 64 corporate entities.
ETFs vs. Bitcoin: ETH Gains Momentum
On the same day that Ethereum ETFs logged $5.8 million in net inflows, Bitcoin ETFs added $47.1 million, extending their own five-day streak and bringing their total cumulative net inflows to $55.4 billion since starting in January 2024.
Despite Bitcoin still leading in overall ETF flows, Ethereum is rapidly closing the gap, especially with growing institutional focus on Ethereum’s staking features, smart contracts, and decentralized finance (DeFi) capabilities.
In-Kind Redemptions Approved by SEC
Adding further fuel to the institutional fire, the U.S. Securities and Exchange Commission (SEC) recently approved in-kind redemption mechanisms for both Bitcoin and Ethereum ETFs. This move aligns crypto ETFs with traditional fund structures, reducing operational costs and improving tax efficiency.
With in-kind redemptions, firms like BlackRock, Fidelity, and Ark Invest can now allow ETF shares to be created and redeemed using crypto assets directly, rather than converting to or from cash. This regulatory shift may also pave the way for staking features to be added to Ethereum ETFs in the future—something that would give ETH a major advantage over Bitcoin in terms of yield.
What’s Next for Ethereum ETFs?
The recent surge in ETF inflows has added significant momentum to Ethereum’s market performance. ETH is currently trading at $3,860, up 1.3% over the past 24 hours and 16% year-to-date. If the trend continues, analysts expect ETFs to play an even bigger role in Ethereum’s price growth.
Standard Chartered recently predicted that Ethereum-focused treasury firms and ETFs could eventually control up to 10% of the total ETH supply, especially with added benefits like staking rewards and participation in decentralized applications.
As ETF adoption grows and the SEC continues to approve crypto-friendly policies, Ethereum seems well-positioned to benefit from the convergence of traditional finance and Web3.
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