Ethereum ETF products officially launched on July 23, 2024, but it took 216 trading sessions in the U.S. market to attract the first $3 billion, as of May 30, 2025. However, just after the next 15 trading sessions, these funds pulled in an additional $1 billion, bringing the total net inflow to $4.01 billion by June 23, 2025. Notably, these 15 sessions accounted for only 6.5% of the total 231 trading sessions but contributed 25% of the total net inflow since launch.
BlackRock Leads the Inflows
BlackRock’s iShares Ethereum Trust (ETHA) is the primary driver, attracting $5.31 billion in net inflows, followed by Fidelity’s FETH with $1.65 billion and Bitwise’s ETHW with $346 million. Meanwhile, Grayscale Ethereum Trust (ETHE), which converted from an older trust, recorded outflows of up to $4.28 billion during the same period.
Daily data shows a significant breakthrough: on June 11, 2025, ETHA alone attracted over $160 million, and the entire system recorded five trading sessions with inflows exceeding $100 million from May 30 to June 23, 2025. At the same time, the outflow rate from Grayscale’s ETHE significantly decreased, contributing to the overall growth trend in the market.
Low Fees and Institutional Credibility Drive Capital Inflows
With a management fee of only 0.25%, which is on par with the industry average and much lower than the 2.5% from ETHE, BlackRock’s ETHA and Fidelity’s FETH have a significant advantage. According to a report from CoinShares, low fees combined with strong relationships in the primary market help these two firms maintain their leadership.
The report also highlights three key factors driving capital inflows in June 2025:
- A strong recovery in ETH prices, outperforming Bitcoin.
- The U.S. Internal Revenue Service (IRS) issued clearer guidelines on income from staking in fund ETFs.
- Multi-asset managers are rebalancing portfolios, viewing ETH as a strategic component rather than just an independent speculative asset.
Related: Wall Street Aims to Acquire $100 Million in BNB
Awaiting Signals from Professional Institutions
The upcoming 13F report, expected to be filed in mid-July 2025, will reveal the extent of participation from professional investment institutions during the recent late spring growth. As of March 31, 2025, these institutions accounted for less than 33% of the assets in spot Ethereum ETF funds, indicating significant room for institutional capital. Meanwhile, retail capital is flowing into low-fee products, creating momentum for sustainable market growth.
