U.S. spot Ethereum ETFs recorded their strongest day in 10 months on Thursday, taking in $225.8 million and extending their net inflow streak to nine consecutive trading sessions.
According to Farside Investors data, the last day of net outflows was August 11. Since then, August 14 has been the only session with no net flow in either direction.
Nine-session run reaches $1.42 billion
Across the nine trading days starting on August 17, U.S. spot Ethereum ETFs have taken in $1.42 billion. Thursday’s total was the largest single-day intake since October 28 last year.
BlackRock has accounted for most of that demand. Its ETHA fund brought in $1.02 billion over the nine-session stretch, equal to 72% of the category total, and did not post a single day without net buying.
Blockchain analytics firm Arkham also highlighted the streak on Thursday. It counted $889.8 million across the first eight trading days, a figure that exactly matched Farside’s tally.
Arkham wrote on X: "BLACKROCK BOUGHT $888M OF ETH IN 8 DAYS. BlackRock’s clients have net-purchased $889.8M of the ETHA ETF in the past 8 trading days. There was not a single day when they did not buy."
Fidelity and ETHB also added flows
Fidelity’s FETH was the second-largest recipient during the run and posted its best day of the streak on Thursday with $56.2 million in inflows.
BlackRock’s staked Ethereum product, ETHB, added $20.7 million on the same day.
Gap with Bitcoin ETFs shrinks sharply
U.S. spot Bitcoin ETFs brought in $242.3 million on Thursday, only $16.5 million more than the Ethereum funds, leaving the gap between the two categories close to zero.
On August 17, the first day of both inflow streaks, Ethereum funds had taken in only one-tenth of what Bitcoin funds attracted.
ETH trades near $2,477
According to CoinGecko data, Ethereum was trading around $2,477 on Friday, down 0.5% over the past 24 hours but up about 5% on the week.
Bitwise says the buying is coming from outside crypto
Max Shannon, senior research associate at Bitwise Europe, said the buying appears to be coming from outside the crypto market. He put this week’s total 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.
Even so, Ethereum has still lagged Bitcoin and larger altcoins over the same period. Shannon said that was "warranted given its strength since the broader crypto rally started on the 19 August, and especially over the past couple of months."
He added that capital has since rotated into "higher-beta blue-chip names such as ZEC, XRP, SOL and HYPE," which have outperformed. Bitwise’s dispersion index has also risen this week, "suggesting the market is being driven by a broader set of narratives," he said.
200-week moving average in focus
Shannon also noted that Ethereum is hovering around its 200-week moving average for the first time since it broke support in late January. He called it an "important level to hold" that could shape short- to medium-term momentum.
He added that roughly 1.1 million ETH was accumulated around that level, a block that "could act as temporary resistance if those holders sell into strength."
ETF flows alone may not be enough, he said. "Given flows are reflexive and momentum-based, a pick-up in spot volume is needed for the market to sustain its footing," Shannon said, adding that spot volume has softened to its 16th percentile year-on-year since the rally began on August 19.