Ethereum ETF Inflows Grow, But Price Impact Remains Muted

Institutional interest in Ethereum is clearly picking up—at least on paper. Spot Ethereum ETFs have seen nine straight days of net inflows, with BlackRock’s ETHA and Fidelity’s FETH leading the charge.

But despite this momentum, the capital pouring into these funds isn’t moving the price needle for ETH.

On Thursday alone, Ethereum ETFs attracted nearly $92 million, with BlackRock and Fidelity accounting for the bulk of it. ETHA brought in over $50 million, while FETH followed with $38 million, according to Farside Investors. Yet, blockchain analytics firm Glassnode suggests that these inflows, while impressive, are not translating into meaningful buying pressure in spot markets.

The main reason? Volume. The report notes that Ethereum ETFs only contribute around 1.5% of spot market trading—barely enough to influence real-time price movements. This figure had spiked briefly in late 2024 but has since reverted to minimal levels.

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Glassnode also pointed out a troubling trend: most investors in these funds are underwater. ETHA’s average cost basis sits at $3,300 and FETH’s at $3,500, while Ethereum is currently hovering near $2,616 after a 4% dip in the past 24 hours. Historically, every time ETH slips below these breakeven levels, outflows tend to rise—as seen in past corrections in August, January, and March.

Some analysts, like Crypto Rover, see signs of capital rotating out of Bitcoin and into Ether, especially with Bitcoin ETF inflows turning negative after a strong run. However, given the low influence Ethereum ETFs have on overall spot trading activity, that rotation may be more symbolic than impactful.

Meanwhile, macroeconomic uncertainty—particularly surrounding renewed U.S.–China trade tensions—is amplifying market volatility, making it even harder for ETH to recover lost ground in the short term.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.