It seems like TradFi can’t get enough ETH as spot Ethereum ETFs went absolutely insane with a record 677,000 ETH of net inflows, worth approximately $2.18 billion, over the last week alone. Following last week’s inflows, the onchain holdings for spot Ethereum ETFs, measured in ETH based on known onchain addresses, made a new all-time high of 5.15 million ETH.
Ethereum ETFs also saw record-high volumes, with $10.5 billion worth of volume for the week, which translates to an average of $2.1 billion per day. Over 80% of last week’s inflows and nearly 70% of trading volume came from the iShares Ethereum Trust ETF (ETHA).
With the rise in the price of ETH itself last week, the assets under management (AUM) of spot Ethereum ETFs also made a new all-time high of over $15.5 billion.
Speaking of price, ETH is up a whopping ~27% in the last week alone and over 52% so far in the month of July. Corporate ETH treasuries, with Sharplink Gaming (ticker SBET) leading the charge, have emerged as a second engine behind ETH’s rally.
At the time of writing, SBET holds ~280,706 ETH (~$840 million) after a burst of buys over the past nine days, vaulting it past the Ethereum Foundation to become the single-largest corporate holder of ETH. The company can do this via equity issuance, with an initial $1 billion shelf in May.
BitMine Immersion (BMNR) and Bit Digital (BTBT) are also following the same playbook. BMNR raised $250 million in late June and already warehoused ~163,000 ETH, while BTBT disclosed over 100,000 ETH after a $172 million raise and BTC divestiture.
SBET filed on July 17 to expand its at-the-market program to $6 billion, pledging proceeds to fresh spot ETH purchases, with shareholders to hold a meeting on July 24 to vote on approving the program.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 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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