Spot Ethereum ETFs maintained their strong upward momentum on Tuesday, pulling in $533.87 million in net inflows and extending their inflow streak to 13 straight trading sessions, according to SoSoValue data.
Leading the pack was BlackRock’s iShares Ethereum Trust (ETHA), which brought in $426.22 million during the session. ETHA now controls more than $10 billion in assets, securing its position as the dominant player among Ether-focused ETFs. Fidelity’s FETH came in second with $35 million in inflows for the day.
According to Vincent Liu, Chief Investment Officer at Kronos Research, this continued demand is being fueled by a decrease in Bitcoin’s market dominance and a growing institutional appetite for ETH. “With market conditions stable and liquidity improving, this momentum is likely to continue,” he noted.
Since the inflow streak began on July 2, Ethereum ETFs have accumulated over $8.32 billion in net inflows, more than doubling from $4.25 billion at the start of the run. Total assets under management across Ether ETFs now sit at $19.85 billion—representing roughly 4.44% of Ethereum’s market cap.
Ethereum ETF Demand Hits Record Levels
In just 13 days, over $4 billion has poured into Ether ETFs, with standout sessions like July 16 bringing in a record-setting $726.74 million in a single day—followed closely by $602.02 million on July 18, the second-highest inflow to date.
Matt Hougan, CIO at Bitwise, highlighted the imbalance between Ethereum and Bitcoin exposure among investors. “Despite ETH having a market cap about 19% the size of Bitcoin, Ethereum ETPs still hold under 12% of the assets that Bitcoin ETPs manage,” he said on X (formerly Twitter).
He added that the trend of companies adding ETH to their treasuries is on the rise, estimating potential demand of $20 billion worth of Ethereum—around 5.33 million ETH—within the next year. This compares to an expected issuance of only 0.8 million ETH in the same period, suggesting a potential supply crunch.
“In markets, prices are driven by supply and demand. And right now, demand for ETH significantly outpaces new supply,” Hougan said. “That’s typically a recipe for upward price movement.”
Supporting this sentiment, blockchain tracker Lookonchain reported that five new wallets withdrew a total of 76,987 ETH (roughly $285 million) from Kraken on Wednesday—indicating continued accumulation and shrinking exchange reserves.
Bitcoin ETFs See Net Outflows
While Ethereum ETFs surged, spot Bitcoin ETFs went in the opposite direction, recording $67.93 million in outflows on the same day. The largest redemptions were seen from Bitwise’s BITB and ARK’s ARKB, with outflows of $42.27 million and $33.18 million, respectively. Grayscale’s GBTC bucked the trend slightly with a $7.51 million inflow.
The retreat follows a string of large inflows into Bitcoin ETFs earlier in the month, including $1.18 billion on July 10 and another $1.03 billion on July 11.
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