Will Ethereum's Spring Arrive After Record ETF Inflows?
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Will Ethereum's Spring Arrive After Record ETF Inflows?
After surpassing the $3 billion mark, spot Ethereum ETFs added another $1 billion within just 15 trading days.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
On June 23, cumulative net inflows into U.S.-listed spot Ethereum ETFs surpassed $4 billion, just 11 months after their launch.
Launched on July 23, 2024, these products reached $3 billion in cumulative net inflows after 216 U.S. trading days, as of May 30.
After crossing the $3 billion threshold, spot Ethereum ETFs added another $1 billion within just 15 trading sessions. As of market close on June 23, lifetime net subscriptions had risen to $4.1 billion.
These 15 trading days represent 6.5% of the 231-day trading history but account for 25% of all capital invested to date.
BlackRock's iShares Ethereum Trust (ETHA) led this growth with total inflows of $5.31 billion, while Fidelity's FETH contributed $1.65 billion and Bitwise's ETHW added $346 million.
In contrast, Grayscale’s legacy ETHE trust (converted to an ETF upon launch) recorded outflows of $4.28 billion over the same period.
Daily flow data highlights this shift: On June 11 alone, ETHA absorbed over $160 million, and between May 30 and June 23, the fund saw five trading days with inflows exceeding $100 million.
Grayscale’s redemptions slowed during this time, enabling overall net inflows to surge.
ETHA and FETH charge a management fee of 0.25%, in line with industry median rates and significantly lower than ETHE’s 2.5% fee.
According to a CoinShares report, lower costs combined with established prime brokerage relationships continue to steer inflows toward BlackRock and Fidelity.
The report, based on conversations with brokers representing wealth managers allocating capital, identified three key drivers behind the June surge: first, ETH’s price recovery relative to BTC; second, clearer IRS guidance on staking income within grantor trust ETFs; and third, large-scale rebalancing orders from multi-asset investors who view Ethereum as a portfolio extension rather than a standalone speculative bet.
The next quarterly 13F filing deadline in mid-July will reveal whether institutional managers joined this late-spring wave of inflows.
As of March 31, such firms accounted for less than 33% of assets in spot Ethereum ETFs, suggesting room for broader institutional participation even as retail capital concentrates in low-cost vehicles.
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