U.S. Spot Ethereum ETFs Pull In $225.8M, Largest One-Day Inflow in Nearly 10 Months

U.S.-listed spot Ethereum ETFs drew $225.8 million of net inflows on Thursday, marking their strongest single-day intake in roughly 10 months and extending a net buying streak to nine consecutive sessions. Since August 17, the group has taken in about $1.42 billion. Thursday's figure was the largest daily total since October 28 last year. The most recent session with net outflows was August 11, while August 14 was the only flat day during the run. BlackRock has led the move. Its iShares Ethereum Trust (ETHA) contributed about $1.02 billion over the nine-day stretch, representing roughly 72% of category inflows, and has posted net buying each day. Arkham noted a nearly matching tally for the first eight sessions ($889.8 million), pointing to steady demand from BlackRock's client base. BlackRock's staked Ethereum offering, ETHB, added $20.7 million on Thursday. Fidelity's FETH ranked second, logging $56.2 million in inflows—its best day of the streak. The gap versus Bitcoin narrowed sharply. U.S. spot Bitcoin ETFs attracted $242.3 million on Thursday, just $16.5 million more than Ethereum ETFs. On August 17, Ethereum's intake was roughly one-tenth of Bitcoin's. Market snapshot: Ethereum traded around $2,477 on Friday, down about 0.5% over the past 24 hours but up roughly 5% on the week, according to CoinGecko. Max Shannon, senior research associate at Bitwise Europe, said the flows appear to be coming from outside the core crypto investor base. He put this week's ETF inflows at $713.6 million, broadly consistent with Farside Investors' data, and attributed the move to a notable rise in cross-asset risk appetite, as captured by Bitwise's traditional-market risk gauge. Even with the ETF tailwind, Ethereum has underperformed Bitcoin and several major altcoins during the latest rally. Shannon described that divergence as "warranted" after ETH's earlier outperformance. He added that capital has rotated toward higher-beta "blue-chip" altcoins such as ZEC, XRP, SOL and HYPE, pushing Bitwise's dispersion index higher and signaling that multiple narratives are driving the market. On technicals, Shannon noted Ethereum is trading near its 200-week moving average for the first time since losing that support in late January, a level he views as important for short- to medium-term momentum. He also said about 1.1 million ETH traded around that band, creating a holder concentration that "could act as temporary resistance" if those holders sell into strength. He cautioned that ETF flows can be reflexive and momentum-driven. For gains to persist, Shannon said broader spot-market volumes likely need to improve. Spot trading volume has eased, falling to roughly the 16th percentile on a year-on-year basis since the rally began on August 19.