Spot Ethereum exchange-traded funds in the U.S. saw over $240.3 million in net inflows on Wednesday, surpassing the $164.5 million in net inflows into spot bitcoin ETFs. This is the 18th consecutive day of positive flows into spot ETH ETFs.
According to data from SoSoValue, BlackRock’s ETHA led Wednesday’s inflows with $163.6 million, followed by $37.28 million into Fidelity’s FBTC. Grayscale’s Mini Ethereum Trust and ETHE fund also recorded net inflows, alongside Bitwise’s BITW.
“With the SEC signaling potential exemptions for DeFi, investors are increasingly viewing ETH as undervalued, especially as bitcoin hits record highs and altcoins rallied to all-time peaks last year,” said LVRG Research Director Nick Ruck.
Securities and Exchange Commission Chairman Paul Atkins recently expressed support for DeFi during the agency’s Crypto Task Force roundtable, saying that the right to self-custody of one’s private property is a “foundational American value” that should also exist digitally. Interest in DeFi appears further boosted by recent regulatory and private sector advancements in stablecoins.
Signifying increased investor engagement, Ethereum saw over $106 billion in derivatives trading volume, according to Coinglass data, surpassing bitcoin’s $80.5 billion.
The price of ether rose above $2,800 earlier on Wednesday, reaching its highest point since February. It is down 0.34% in the past 24 hours to trade at $2,769, according to The Block’s Ethereum price page.
The Ethereum network’s Pectra upgrade, introduced earlier this year, addressed scalability and cost-efficiency issues that posed challenges for developers, boosting positive momentum.
“Beyond price action, institutions are consistently turning to Ethereum’s ecosystem to launch innovative financial products and deepen their foothold in crypto,” Ruck said. “This combination of regulatory clarity, institutional adoption, and catching up to broader market momentum highlights Ethereum as a promising hold for bullish crypto investors.”
Meanwhile, another analyst noted that Ethereum ETFs are mainly benefiting from a spillover effect from bullishness surrounding bitcoin.
“With investors likely being ‘full’ on BTC given its dominating narrative and MSTR, we are finally seeing positive contagion spillover into ETH and other crypto proxies,” said Augustine Fan, Head of Insights at SignalPlus. “Excitement over the Pectra upgrade and DeFi revival might have contributed to the rally, but these are probably just catalysts on top of a more structurally bullish risk undertone.”
© 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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