Spot Ethereum ETFs in the US Surpass $4 Billion, Grayscale Outflows Limited the Total

Spot Ethereum (ETH) exchange-traded funds (ETFs) traded in the US surpassed $4 billion in cumulative net inflows as of June 24, 11 months after their launch. According to SoSoValue data, there was a net inflow of $100.7 million into ETFs just that day, which was the highest daily flow of the past week despite increasing geopolitical tensions in the Middle East.

Among the funds that stand out in these strong inflows, Fidelity’s FETH fund took the lead with $60.5 million, while BlackRock's usually leading ETHA fund contributed $25.8 million. Grayscale's ETHE and ETH products recorded inflows of $9 million and $5.4 million, respectively.

However, despite this positive picture, there was a significant outflow of $4.3 billion from Grayscale’s higher-fee ETHE fund. If these outflows had not occurred, cumulative net inflows would have reached $8.3 billion. ETF Store President Nate Geraci mentioned in a message shared on social media platform X that

“Since the launch of spot Ethereum ETFs, there has been a net inflow of over $4 billion, including ETHE's $4.3 billion outflows. It looks quite successful to me,” he said.

As a result of these outflows, Grayscale’s ETHE fund’s market share declined from 89.7% at launch to 30.2%. Some of the share shifted to the company's smaller ETH product. As of June 24, BlackRock's ETHA fund retains leadership with a 31.8% share, Fidelity's FETH fund is third with 18%, and Grayscale's ETH product is fourth with 15.5%. Additionally, the total trading volume of spot Ethereum ETFs in the US reached $89 billion, with a daily trading volume of $840 million.

Comparison of Ethereum ETFs and Bitcoin ETFs

The performance of spot Ethereum ETFs remains relatively limited compared to spot Bitcoin ETFs. Bitcoin ETFs, which launched in January 2024, accumulated net inflows of $34.7 billion in the first 11 months, and this figure has now risen to $47.3 billion. Bitcoin ETFs have maintained a positive trend for the last ten days, led by BlackRock's IBIT product with a net inflow of $350.8 million on June 24.

On the other hand, Ethereum's market value stands at $290.3 billion, which means it accounts for 13.8% of Bitcoin's approximately $2.1 trillion market value. Considering the market value, the capital flows towards Ethereum ETFs present a more consistent picture with Bitcoin ETFs.

In terms of price, at the time of this news, Bitcoin is trading at approximately $105,091, up 3.2% in the last 24 hours, while Ethereum has risen to $2,403, up 6.3% in the same period.


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