Key Highlights:
- 9 consecutive days of net inflows into Ethereum ETFs
- BlackRock ETHA and Fidelity FETH lead with $92M on Thursday
- Despite inflows, spot price impact for ETH remains minimal
- Most ETF investors are underwater with significant losses
📈 Institutional Interest Growing on Paper
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.
💰 Impressive Inflow Numbers
On Thursday alone, Ethereum ETFs attracted nearly $92 million, with BlackRock and Fidelity accounting for the bulk:
- ETHA (BlackRock): over $50 million
- FETH (Fidelity): $38 million
According to Farside Investors, these inflows, while impressive, are not translating into meaningful buying pressure in spot markets.
📊 Volume Problem Persists
The main reason for muted price impact: low trading volume contribution. Blockchain analytics firm Glassnode 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.
😰 Most Investors Underwater
Glassnode pointed out a troubling trend: most investors in these funds are experiencing losses:
- ETHA average cost basis: $3,300
- FETH average cost basis: $3,500
- Current Ethereum price: around $2,616 (after 4% dip in 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.
🔄 Capital Rotation from Bitcoin?
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.
🌍 Macroeconomic Headwinds
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.
Bottom Line: While Ethereum ETF inflows show growing institutional interest, the funds’ minimal market share means limited immediate price impact for ETH holders.