On the same day, Bitcoin ETFs also saw strong performance, with $779.6 million in net inflows. BlackRock’s ETHA fund was the main driver of Ethereum’s record, while Fidelity’s FETH fund ranked second with $113 million in net inflows. This surge surpassed the previous record of $428 million on December 5, 2024, by more than 70%. 

The momentum wasn’t limited to ETFs. Institutional investors also made direct ETH purchases. SharpLink Gaming acquired $68 million worth of ETH in the last 24 hours and has invested a total of $343 million in Ethereum over the past eight days. 

Institutional Buying Continues: Trump-Backed ETH Purchase 

World Liberty Financial, backed by Donald Trump, made another Ethereum purchase. The fund bought ETH worth $5 million at an average price of $3,266. This move surpassed the purchase levels seen between November 2024 and March 2025. 

According to data shared by Trader T., Ethereum ETFs now hold more than 5 million ETH in total, representing over 4% of Ethereum’s circulating supply. Meanwhile, the ETH price was trading at $3,425 at the time of writing. 

Institutional Confidence in Ethereum ETFs Strengthens 

The overall altcoin rally has redirected investor attention back to Ethereum. These massive inflows into spot Ether ETFs demonstrate the strength of institutional confidence. 

Moves by BlackRock, Fidelity, SharpLink Gaming, and World Liberty Financial highlight long-term belief in Ethereum’s potential. Meanwhile, according to CoinShares, $3.7 billion in net inflows entered crypto asset products last week, with most of it directed toward Bitcoin and Ethereum ETFs. 

Weekly inflows into Ethereum ETFs alone have reportedly exceeded $1 billion. This trend sends a strong signal reinforcing Ethereum’s position in the digital asset landscape. 

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BlackRock and Fidelity Funds Lead the Way 

BlackRock’s IBIT fund led Bitcoin ETF inflows with a net inflow of $164.64 million alone. Fidelity’s FBTC fund contributed $66.05 million. Meanwhile, Grayscale’s GBTC fund saw a net outflow of $10.21 million, and ARKB fund experienced a net outflow of $10.07 million. 

In total, the cumulative net inflow to spot Bitcoin ETFs has reached $49.86 billion. The total net asset value of the ETF market stands at $135.71 billion, representing 6.32% of Bitcoin’s market capitalization. 

Activity continues on the Ethereum side as well. The $62.1 million inflow demonstrates sustained confidence in Ethereum spot ETFs. BlackRock’s Ethereum ETF accounted for the majority of this inflow. 

Macroeconomic Factors and Rising Institutional Demand Support Growth 

US-based funds lead the appetite for crypto investments. Germany and Switzerland also stand out with strong inflows, while limited outflows occurred in Canada and Brazil.

Analysts interpret these inflows as a long-term accumulation process. Institutional investors continue their accumulation strategies during periods of price stability. Bitcoin currently trades around $108,300, and Ethereum is near $2,550. Both assets remain close to their all-time highs. 

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Record Inflows into Spot Ethereum ETFs 

In recent weeks, spot Ethereum ETFs have seen significant capital inflows. Major investment firms like Grayscale, Fidelity, and Bitwise have recorded net inflows exceeding $110 million into their ETF products. Grayscale’s Ether ETF attracted $43.7 million, Fidelity’s FETH product saw $42.2 million, and Grayscale’s mini Ether ETF secured $18.7 million in investments. This reflects growing institutional confidence in Ethereum. 

As a result of these developments, the coin’s market capitalization has surged by approximately $100 billion over the past 15 days, reaching $327 billion. With this rise, ETH has surpassed corporate giants like Nestle, Alibaba, and Coca-Cola, even overtaking Bank of America. This leap demonstrates the strengthening perception of Ethereum among investors. 

First-Day Performance of ETFs 

On the first trading day of spot Ethereum ETFs, total net inflows reached $107 million. BlackRock’s iShares ETH Trust led with $267 million, followed by Bitwise Ethereum ETF with $204 million and Fidelity ETH Fund with $71 million. However, Grayscale’s ETH Trust experienced outflows of $484 million due to high management fees. Investors’ preference for lower-fee and more liquid products highlights increasing competition in the ETF sector. 

Analyst Titan of Crypto draws attention to price gaps formed on the Chicago Mercantile Exchange (CME). These gaps occur when there is a difference between the weekly closing price and the opening price of the following week. According to Titan, these gaps are typically “filled” over time. This suggests that Ethereum’s upward trend could continue. Specifically, the CME gap at the $3,200 level indicates that the price may reach this point. 

Renowned analyst Michael van de Poppe shared his insights on ETH on May 22. He noted that ETH broke through the $2,400 resistance zone. He also suggested that, following Bitcoin’s lead, ETH could climb above $3,000. Van de Poppe emphasized that ETH and Bitcoin price movements generally align. 

Additionally, ETH rose by 5.6% in the last 24 hours, reaching $2,666. 

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BlackRock had requested an “in-kind” mechanism for its Ethereum ETF. This mechanism offers tax advantages to investors and reduces transaction costs. 

SEC Approves BlackRock’s Ethereum ETF

In-kind transactions allow investors to exchange ETF shares directly for Ethereum tokens. Typically, ETF shares are bought or sold for cash. However, the in-kind method enables direct asset swaps, significantly reducing capital gains taxes from sales. Additionally, transaction costs are minimized with this method. Unlike cash transactions, which involve various commissions and bank fees, in-kind transactions lower these costs, allowing investors to invest with lower fees. 

John Doe, BlackRock’s ETF Strategy Director, stated, “BlackRock is committed to expanding the features of its Ethereum ETF and is working toward approval for staking capabilities.” 

Moreover, in-kind transactions reduce the gap between the ETF’s market price and Ethereum’s actual market price. This ensures the ETF’s price aligns with the underlying asset’s value, providing investors with fairer and more transparent pricing. 

Market Reaction and Investor Interest 

Following the SEC’s approval, Ethereum prices moved positively. ETH rose by 2%, reaching $2,509. Additionally, the ETF saw an inflow of $45 million in investments in a short period, clearly demonstrating investors’ confidence in BlackRock’s Ethereum ETF. Cryptocurrency analysts and investors consider the SEC’s decision a significant turning point. With the approval of BlackRock’s ETF, investing in Ethereum will become more accessible and advantageous for both individual and institutional investors. 

Furthermore, BlackRock’s decision to hold the ETF’s Ethereum assets in trusted platforms like Coinbase and Anchorage Digital enhances the security of the funds. 

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SEC Delays Decision on Ethereum Product

According to a regulatory filing dated February 28, the SEC has announced that it is delaying its decision on the Ethereum product.

Under U.S. federal law, if a decision is not made within the initial 180-day review period, the agency has an additional 60 days to reach a final verdict. As a result, Cboe will have to wait longer to find out if it has received approval to list options contracts on Fidelity’s Ethereum Fund (ticker FETH).

The SEC stated in its announcement that it is extending the review period to allow “sufficient time to consider the proposed rule change.”

Cboe first filed for regulatory approval to list Ether ETF options on August 19, 2024. A few weeks later, on September 4, 2024, the SEC published the proposed rule change in the Federal Register, opening it up for public comment.

Federal law grants the SEC up to 180 days after the initial filing of a proposed rule change to make a decision. If no decision is made within that period, the agency has an additional 60 days, but no more time can be granted.

For this proposal, the timeline indicates that March 3 would have marked the 180-day deadline, while May 2, 2025, will mark the full 240-day review period. This means the SEC now has until May 2, 2025, to issue its final ruling.

When Will the Final Decision Be Made?

While it remains uncertain whether the regulatory body will wait until then, the SEC’s recent shift toward a more supportive stance has created an optimistic market sentiment.

When the SEC makes its decision on Cboe’s application, it will also have issued a final decision on another Ethereum ETF options proposal.

This relates to the April 2025 deadline for options on BlackRock’s iShares Ethereum Trust. Nasdaq ISE filed an application to list and trade options contracts tied to ETHA in July 2024.

In a filing dated February 7, 2025, the SEC set April 9, 2025, as the deadline for a final decision.

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The second-largest spot bitcoin ETF, Grayscale’s GBTC, had $50.39 million depart the fund; Fidelity’s FBTC noted the biggest outflows, at $162.26 million.

ARKB logged outflows of $33.6 million for Ark and 21 Shares; Bitwise reported net outflows of $24.96 million. Modest outflows also occurred in several other ETFs run by VanEck, Valkyrie, Invesco, and Franklin Templeton.

With Wall Street falling on Tuesday on worse than ideal ISM data in the United States, the notable withdrawals occurred during a market selloff. Up 0.4% from July, the U.S. ISM manufacturing index for August came in at 47.2%. On Tuesday, the spot bitcoin ETFs traded overall for $1.56 billion, up from $1.54 billion last Friday. Monday was a holiday, hence the American market closed.

Spot-ether ETFs in the United States also saw net outflows of $47.4 million on Tuesday, the most notable daily negative movement since August 2. With $52.31 million, the Grayscale Ethereum Trust (ETHE) was the only spot ether ETF to record withdrawals for the day. Net inflows for Fidelity’s FESH came out at $4.91 million. There were no flows at seven other spot ether ETFs. From $173.66 million last Friday, the daily trading volume of these ether ETFs fell to $163.5 million on Tuesday.

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Based on statistics from SoSoValue, BlackRock’s IBIT, the biggest Bitcoin ETF by net assets, noted the most inflows among the products on Thursday—$75.49 million in net inflows.

While Ark and 21 Shares saw $7.83 million come into the fund, Fidelity’s FacebookTC had inflows of $9.23 million. WisdomTree’s BTCW followed with $4.8 million, Grayscale’s with $4 million, and VanEck’s HODL with $3.41 million in net inflows.

The second-largest spot Bitcoin ETF, Grayscale’s GBTC, saw $28.36 million leave the fund; Bitwise’s BITB noted $11.5 million in net outflows.

On Thursday, the 12-spot Bitcoin ETFs traded overall for $889.67 million, far less than the $1.42 billion noted on Wednesday.

Comparatively to outflows of $17.97 million the day before, the nine-spot Ethereum ETFs in the U.S. recorded $874,610 on Thursday.

With $19.84 million in net outflows, the Grayscale Ethereum Trust (ETHE) carried on its negative flow pattern. On the day, it was the only place Ether ETF reported outflows from.

With $14.33 million, Fidelity’s FESH tracked the most notable stream of inflows. VanEck’s ETHV saw $954,101 in inflows, while the Grayscale Ethereum Mini Trust (ETH) had $3.68 million in inflows. There were no flows to the five other spot Ether ETFs.

From $201 million on Wednesday, the total daily trading volume of these spot Ether ETFs dropped to $93.87 million on Thursday.

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Based on Yahoo Finance data, the combined trading volume across the funds on Thursday was roughly $850 million. Tuesday’s session’s trading volume was over $1.05 billion, then over $950 million on Wednesday.

Wednesday’s net outflows from the ETFs, which reversed Tuesday’s $106.78 million in net inflows, were $1133.16 million. Once more, SosoValue notes that the Grayscale Ethereum Trust (ETHE) had $326.86 million in net outflows; this is the only Ethereum fund that logs outflows. Ether’s price plunged more than 7% over the night before Thursday’s trading session.

“The marked pullback… is not only unsurprising but expected,” Keyrock’s Justin d’Anethan stated. “While the spot Bitcoin ETFs did push prices higher, in the very beginning, crypto markets went down; the memory of the market is short.”

Ether’s declined nearly 8% to $3,263 at publishing time. Its trading volume during the past 24 hours has been $25.9 billion.

“After ETPs launch, the BTC price was initially depressed from a combination of’sell the news’ and large outflows from GBTC,” Bitwise Investment Strategist Juan Leon noted in an X post. “Then inflows into other ETPs ramped up and price shot off.”

After two days of trading, the strategist pointed out ETH is down about 10%. Like the BTC instance, there have been significant outflows from The Grayscale Ethereum Trust (ETHE) that would last for some time and Ether’s price has gone up in the two weeks preceding the spot ETFs open.

“Will it turn out for ETH similarly? Though institutional interest for cryptocurrencies is rising and ETH has now joined BTC as the only two cryptocurrencies having an ETP wrapper,” Leon noted.

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With $346.22 million in net outflows, the Grayscale Ethereum Trust (ETHE) was the only one showing outflows among the ether funds, according to SosoValue statistics.

The inflows from the other funds balanced the major outflows. With $70.93 million in net inflows, BlackRock’s ETHA topped the race, followed by Grayscale Ethereum Mini Trust’s $58.09 million, Fidelity FESH’s $34.32 million, and Bitwise ETHW’s $16.34 million.

While Invesco’s QEH posted $6.24 million in net inflows, VanEck’s ETHV likewise saw $8 million in net flows. On Thursday, the two other spot ETFs under Franklin and 21Shares saw nil flows. The nine ether funds‘ $152.3 million withdrawals matched Wednesday’s $133 million outflows.

Based on Yahoo Finance statistics, the spot ether funds‘ overall daily trading volume on Thursday came to over $860.8 million. On Tuesday, the funds had trading volumes of $1.05 billion and on Wednesday, $944.6 million. Following Wednesday’s $44.51 million inflows, the 11-spot bitcoin ETFs in the U.S. had $31.16 million in net inflows on Thursday.

SosoValue data shows BlackRock’s IBIT at $70.75 million in net inflows, while Grayscale’s GBTC had $39.59 million depart the fund. On Thursday, the rest of the bitcoin ETFs had nil flows. Comparatively to Wednesday’s $1.5 billion and Tuesday’s $2.34 billion, the spot bitcoin funds’ overall daily trading volume was $1.51 billion.

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Data from SosoValue shows that the Grayscale Ethereum Trust (ETHE) recorded $326.86 million in net outflows, the only one noting outflows among the ether funds.

With $74.46 million, Fidelity’s FESH led the inflow pack, followed by Grayscale Ethereum Mini Trust’s $45.93 million, Bitwise ETHW’s $29.64 million, and VanEck ETHV’s $19.84 million in net inflows.

With net inflows of $17.44 million BlackRock’s ETHA had, compared to Tuesday’s inflows of $266.55 million,

Based on Yahoo Finance data, the spot Ethereum ETFs created on Wednesday had a trading volume of roughly $951 million, compared to their first day of trading, Tuesday, at $1.05 billion. On Tuesday, the nine funds recorded net inflows of roughly $106.78 million.

SosoValue data shows that the 11-spot bitcoin ETFs in the United States observed roughly $44.51 million flow into the funds on Wednesday. With $26.22 million in net outflows, Grayscale’s GBTC was the only bitcoin ETF to show negative flows.

The biggest among the bitcoin funds, BlackRock’s IBIT, logged $65.99 million in net inflows, followed by Ark and 21Shares ARKB’s $3.29 million and Fidelity FBTC’s $1.44 million.

Ethereum dropped 7.65% throughout the past 24 hours to trade for about $3,178 at the time of writing. As investors consider the influence of Mt. Gox’s most recent transactions and macro developments, Bitcoin plunged 2,34% to trade at $64,277.

On Wednesday, the U.S. stock market recorded multi-week lows. While the S&P 500 index dropped 2.3%, suffering its worst day since December 2022, the Nasdaq Composite index dropped 3.6%, closing down from October 2022.

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