U.S. spot Ethereum ETFs posted their strongest single session in ten months on Thursday, pulling in $225.8 million and pushing a consecutive inflow streak to nine trading days.
According to Farside Investors data, the last day of net outflows was August 11. August 14 registered no net flow in either direction. The nine sessions from August 17 onward have collectively brought in $1.42 billion, with Thursday’s total the largest since October 28, 2025.
BlackRock Leads the Charge
BlackRock’s ETHA fund accounted for $1.02 billion of the nine-session total, representing 72% of the category’s entire haul. The fund has not recorded a single day without net buying across the entire stretch. Blockchain analytics firm Arkham flagged the streak on Thursday, counting $889.8 million across the first eight days, a figure that aligns exactly with Farside’s tally.
Fidelity’s FETH was the second-largest recipient over the run, and posted its best individual day on Thursday at $56.2 million. BlackRock’s staked Ethereum product, ETHB, added $20.7 million the same day.
Closing the Gap With Bitcoin
The gap between Ethereum and Bitcoin ETF flows has narrowed sharply. U.S. spot Bitcoin ETFs took in $242.3 million on Thursday, just $16.5 million more than their Ethereum counterparts. For context, on August 17 when both runs began, Ethereum funds absorbed roughly one-tenth of what Bitcoin funds did that day.
Ethereum traded around $2,477 on Friday, down 0.5% over the prior 24 hours but up approximately 5% on the week, according to CoinGecko data.
What Is Pulling the Money In
The buying is coming from outside crypto, according to Max Shannon, senior research associate at Bitwise Europe. He put this week’s Ethereum ETF take at $713.6 million, matching Farside’s count, and said the flows had ‘likely been driven by the marked rise in Cross Asset Risk Appetite,’ the firm’s measure of risk appetite in traditional markets.
He noted that Ethereum has still lagged Bitcoin and larger altcoins over the same period. Shannon called that ‘warranted given its strength since the broader crypto rally started on the 19 August, and especially over the past couple of months.’ Capital has since rotated into ‘higher-beta blue-chip names such as ZEC, XRP, SOL and HYPE,’ which have outperformed, he said. Bitwise’s dispersion index has risen this week, Shannon added, ‘suggesting the market is being driven by a broader set of narratives.’
Shannon also noted that Ethereum is hovering near its 200-week moving average for the first time since breaking that support level in late January, calling it an ‘important level to hold’ for short-to-medium-term momentum. He added that investors accumulated roughly 1.1 million ETH around that level, a block that ‘could act as temporary resistance if those holders sell into strength.’
Shannon cautioned that inflow momentum alone may not be sufficient. ‘Given flows are reflexive and momentum-based, a pick-up in spot volume is needed for the market to sustain its footing,’ he said, noting that spot volume has softened to its 16th percentile year-on-year since the rally began on August 19.
