Spot Ethereum exchange-traded funds in the United States saw an end to their eight-day, $1.97 billion inflow streak on Thursday — slipping to marginal net outflows of $8.7 million for the day.
The outflows were led by Fidelity’s FETH, with $30.3 million exiting the fund, while Bitwise’s ETHW, VanEck’s ETHV, 21Shares’ CETH, and Invesco’s QETH also saw losses. BlackRock’s ETHA was the only positive outlier, adding $39.3 million on Wednesday to a nine-day run totaling $1.4 billion, according to data compiled by The Block. The other funds witnessed zero flows.
The latest inflow streak was the largest since the Ethereum ETFs brought in $3.7 billion during another eight-day run in August and the fourth-biggest overall. The record consecutive streak registered was a $5.4 billion haul over 20 days in July.
The Ethereum ETFs also generated $2.31 billion in trading volume on Wednesday, maintaining an elevated level of activity witnessed since the summer. BlackRock’s ETHA again dominated that volume with $1.65 billion, followed by Grayscale’s ETH with $213.5 million, and Fidelity’s FETH with $185 million.
Meanwhile, the U.S. spot Bitcoin ETFs added a combined $197.8 million to a nine-day inflow streak now totaling $5.96 billion.
Notable resilience
“The market’s resilience is notable,” BRN Head of Research Timothy Misir told The Block amid the near-term consolidation. “For ETH, the $4,250–$4,500 range remains pivotal as traders position ahead of the significant network upgrades, which promise scalability improvements.”
Misir said momentum indicators show the rally is still not overheated, leaving room for further upside before conditions become stretched. He noted that futures funding remains moderate and options skews are stabilizing, pointing to a balanced but bullish market structure.
The analyst added that the market is consolidating at high levels in a calm and liquid state, supported primarily by institutional flows, with ETFs serving as the key bridge between traditional and digital finance. Despite short-term volatility, he said the broader macro liquidity cycle, corporate adoption, and structural inflows continue to favor trend continuation.
“In short: this is an accumulation market, not a distribution one,” Misir concluded.
Ethereum is currently trading for $4,337, according to The Block’s ETH price page, after falling 2.5% on Thursday and 2.9% over the past week.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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