Ethereum ETFs post 9 days of inflows but contribute only 1.5% to spot volume.
ETHA and FETH investors face average losses of 21%.
Capital shifts from BTC to ETH as macro pressure holds ETH below $2,616.
Ethereum spot ETFs have posted nine consecutive sessions of net inflows, pointing to continued institutional interest. Despite this trend, the impact on Ethereum’s spot market remains minimal, with ETF trading volume contributing only a small fraction to overall activity. A recent report by Glassnode highlights that spot Ether ETFs account for just 1.5% of trade volume in 2025, indicating limited influence on ETH price movements.
Glassnode Data Shows Minimal Price Impact from ETF Activity
Although Ethereum ETFs have gained momentum in recent days, their presence in the spot trading market remains marginal. According to Glassnode, initial ETF activity accounted for around 1.5% of spot market volume. This figure saw a brief increase to over 2.5% in late 2024. However, it has since returned to the lower 1.5% level in early 2025. The limited volume share means these inflows do not significantly influence Ethereum’s price trajectory.
Recent data from Farside Investors shows that Thursday’s net inflows into Ethereum ETFs reached $91.9 million. BlackRock’s ETHA led the gains with $50.4 million, followed by Fidelity’s FETH at $38.3 million. Yet, with ETH trading at around $2,616, both ETFs remain under their average cost basis. Glassnode estimates the average entry price for ETHA at $3,300 and FETH at $3,500. Consequently, the average investor in these funds is currently facing losses of approximately 21%.
Capital Rotation Emerges as ETF Demand Increases
While Ethereum ETFs have gained fresh interest, Bitcoin ETFs showed net outflows during the same period. This shift suggests a capital rotation from Bitcoin to Ethereum, driven by changing market sentiment. Popular analysts point to increasing appetite for Ethereum as a hedge or alternative to Bitcoin. However, the market influence of Ethereum ETF flows remains small due to their limited share in total trading volume.
Additionally, past price movements reveal a consistent pattern of ETF outflows when Ethereum’s spot price drops below the cost basis. These sell-offs were evident during price dips in August 2024 and again in early 2025. The trend indicates that price thresholds significantly influence investor behavior in ETF products.
Macro Conditions Add Pressure to Ethereum Price
Ethereum ETF performance suffers from the ongoing impact of broader market conditions which introduce additional challenges. The trading environment became volatile because of increased worries about US-China trade tensions along with global macroeconomic unpredictability. Despite receiving more ETF inflows, Ethereum remains unable to reach greater price levels due to external market constraints.
The growing institutional interest has not yet translated into price support for ETH. While ETFs are gaining traction among traditional investors, their role in shaping spot market dynamics remains constrained.
