U.S. spot Ethereum exchange-traded funds (ETFs) recorded $19.3 million in net inflows on Thursday, ending a 17-day streak of withdrawals, according to SoSoValue data. Investors returned to the products even as broader crypto markets remained under pressure and Ethereum traded near its lowest levels since April 2025.
The inflows came entirely from BlackRock’s ETHA fund, which added about 10,870 ETH during the session. All other U.S. spot Ethereum ETFs reported no net flows for the day. The shift marked a change in recent sentiment after weeks of consistent outflows from the sector.
BlackRock leads Ethereum ETF recovery
BlackRock’s Ethereum ETF, ETHA, accounted for the entire $19.3 million inflow on Thursday, reinforcing its lead in the U.S. spot Ethereum ETF market. The fund now holds about $5.08 billion in assets, representing more than half of the total assets across all U.S. spot Ethereum ETFs. It also led to trading activity during the session, with about $434 million in volume.
Despite recent market weakness, Ethereum ETFs continue to hold significant capital. The group manages roughly $9.78 billion in net assets, equal to about 4.57% of Ethereum’s total market value. Since launch, cumulative net inflows have reached $11.21 billion, showing continued institutional participation even as Ethereum struggles for direction.
Grayscale’s ETH and ETHE products remain key parts of the market. They hold about $1.57 billion and $1.40 billion in assets, respectively. However, ETHE has recorded the largest outflows overall, with more than $5.3 billion withdrawn since launch.
Bitcoin ETFs also end losing streak
U.S. spot Bitcoin exchange-traded funds also saw a return to inflows, ending a 13-day streak of outflows. The funds recorded $3.05 million in net inflows, according to market data. However, the recovery remained limited compared to more than $4.4 billion in withdrawals since mid-May.
BlackRock’s IBIT led the inflows with $47.66 million during the session. In contrast, Fidelity’s FBTC, Bitwise’s BITB, and Ark’s ARKB continued to post net outflows. Total assets across Bitcoin ETFs now stand at about $80.4 billion, down from $104.29 billion before the recent selling pressure began.
Market pressure fuels Ethereum debate
The ETF rebound arrived during one of crypto’s weakest weeks since July 2024. Bitcoin traded near $62,500 after falling more than 15% during the week. Meanwhile, Ethereum dropped over 17% and revisited price levels last seen in April 2025.
Against that backdrop, Ethereum’s future value capture model has become a major discussion point.
Bankless co-founder Ryan Sean Adams argued that Ethereum cannot succeed if ETH fails to become a global store of value. He stated, “There is no strong Ethereum without an ETH worth trillions. Without ETH as a global store of value, Ethereum is a failed project. Full stop.”
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