In recent weeks, the US spot Ethereum ETF market has demonstrated remarkable resilience and investor confidence. Data indicates that Ethereum ETFs have recorded 15 consecutive trading days of net inflows, accumulating a staggering $837.5 million since May 16. This influx of capital began shortly after the implementation of Ethereum's Pectra Upgrade, which facilitated nearly 1,000 daily EIP-7702 transactions and enhanced wallet functionalities without requiring address changes. These inflows account for approximately 25% of the total net inflows since the inception of the ETFs in May 2024, marking the longest uninterrupted inflow period for Ether ETFs since the latter part of 2024.

According to data from SoSoValue, this development has elevated the cumulative inflow value of spot Ethereum ETFs to its highest point to date, reaching $3.33 billion. BlackRock’s ETHA fund stands out as the leader in individual inflows within the Ethereum ETF space, contributing nearly $600 million during this period. Although ETHA holds the highest inflow volume, Grayscale’s dual offerings, ETHE and ETH, maintain a larger asset base, with a combined AUM of $4.09 billion compared to ETHA’s total. Fidelity’s offering follows closely behind with $1.09 billion in assets under management, while other funds remain below the $250 million threshold. It is worth noting that this surge aligns with a 38% increase in the price of Ether over the past month.

The key factors driving these inflows include renewed institutional interest, positive sentiment regarding Ethereum’s long-term fundamentals, and the recent Pectra upgrade. Analysts remain optimistic about the future trajectory of the Ethereum price. However, JPMorgan analysts have observed that while institutional allocations are increasing, user activity on the Ethereum network has not meaningfully accelerated post-upgrade. If the current trend persists, the inflow streak could surpass the $1 billion milestone by the following week, underscoring a significant shift in sentiment following a relatively slow start for Ether ETFs.

In contrast, the Bitcoin ETF market has not mirrored the same level of enthusiasm. Spot Bitcoin ETFs witnessed their most recent inflow streak end on May 29, with $346.8 million exiting the market in a single day. Since then, Bitcoin ETF flows have become increasingly volatile, resulting in cumulative inflows declining by more than $1 billion, dropping from $45.34 billion on May 28 to $44.24 billion as of the latest trading session. BlackRock’s IBIT remains the dominant player in this segment, overseeing $69 billion in assets, while Fidelity’s FBTC and Grayscale’s GBTC trail behind with $20.51 billion and $19.32 billion in AUM, respectively. The market also faced temporary volatility following a heated online exchange between President Donald Trump and Elon Musk, which triggered a broader sell-off across crypto markets and equities.

As investor interest in Ether ETFs intensifies, some analysts suggest that future inflows will hinge on the introduction of staking functionality. James Seyffart, an ETF analyst at Bloomberg, recently emphasized the regulatory workarounds being utilized to launch staking-enabled ETFs. ETF provider REX Shares has already submitted filings for Ethereum and Solana staking ETFs, with the potential for the first such products to debut in the US within weeks.

The growing demand for Ethereum is also evident in broader adoption metrics. According to Santiment, Ethereum holders have now exceeded 148 million, signaling long-term commitment to the asset. By comparison, Bitcoin has 55.39 million holders, while other prominent cryptocurrencies like Dogecoin, XRP, and Cardano report between 4 and 8 million holders.

With Ethereum ETFs currently experiencing their best performance to date, the focus remains on sustaining this momentum. Perhaps staking-enabled offerings could catalyze the next phase of institutional adoption.

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