Cash keeps sliding to the smart-contract side of the ledger. On Wednesday, U.S. spot Ethereum ETFs absorbed a hefty $240.3 million in net inflows, marking the eighteenth straight green session and dwarfing the $164.5 million routed into Bitcoin ETFs the same day.
Spot Ethereum ETFs pull in $240 million as BlackRock’s ETHA captured a dominant $163.6 million slice, while Fidelity’s FETH welcomed $37.28 million. Grayscale’s ETHE franchise and Bitwise’s ETHW rounded out the ledger, according to data aggregator SoSoValue.
“Traders are rotating out of stretched Bitcoin into what they deem undervalued Ether,” said LVRG Research director Nick Ruck. He pointed to fresh regulatory tailwinds after SEC Chair Paul Atkins called digital self-custody a core American principle at a recent agency roundtable.
Numbers back the mood. Data shows Ethereum derivatives volume topping $106 billion against Bitcoin’s $80.5 billion, underlining the shift. Meanwhile, BlackRock’s IBIT swallowed most of Bitcoin’s flows ($131 million), yet the spotlight stayed firmly on Ether: Spot Ethereum ETFs, even as BTC trades near record highs.
Why the confidence? First, relative value: ETH still trades below its 2024 peak, while Bitcoin grazes record highs. Second, issuers hint that yield-bearing classes could win regulatory blessing, letting investors earn staking rewards inside an ETF wrapper. Third, stablecoin and tokenized-treasury initiatives on Ethereum boost fee revenues, a story absent from Bitcoin. In short, Spot Ethereum ETFs pull in $240 million because investors see a perfect trio of value, yield, and on-chain revenue.
For asset managers, scale is arriving fast. BlackRock’s vehicle now sits on roughly $4.5 billion in ether, climbing the U.S. commodity ETP leaderboard. Market makers welcome the added depth: each session that Spot Ethereum ETFs pull in $240 million tightens spreads and deepens options books, encouraging sophisticated pairs trades against Bitcoin.
The next sessions will test whether this rotation has staying power. Should tomorrow’s tape again read that Spot Ethereum ETFs pull in $240 million, the market narrative could shift decisively toward Ether’s camp. Do you expect the streak to extend, or will Bitcoin strike back?
