Spot Ethereum ETFs saw $533.9 million in inflows, the 3rd largest single-day gain

US spot Ethereum ETFs pulled in around $533.9 million in daily inflows, the 3rd largest single‑day gain since these products began trading. The figures point to rising interest in ether from investors.

Data from SoSoValue shows that BlackRock’s iShares Ethereum Trust (ETHA) led the way with $426.2 million worth of inflows. Grayscale’s Ethereum Mini Trust added $72.6 million, while Fidelity’s ether ETF brought in $35 million.

The total ranks just behind the value of $726.7 million from the previous Wednesday and the $602 million seen last Thursday.

Vincent Liu, chief investment officer at Kronos Research, pointed to a drop in bitcoin dominance and steady macro conditions for support of ether’s gains. “ETH’s momentum looks set to sustain in the mid‑term as long as these factors hold,” Liu said.

Nick Ruck, from LVRG Research, noted that institutions appear to be turning bullish on Ethereum. He said the record‑high inflows into spot ether ETFs offer “a second opportunity for investors who missed out on Bitcoin’s historic rise,” as part of their reserve strategies for digital assets.

Companies are starting to add ether to their balance sheets under new treasury plans. For instance, SharpLink Gaming has already shifted the focus to building up its ether holdings after outlining its Eth treasury strategy earlier in May.

By contrast, spot Bitcoin exchange-traded funds saw net outflows of $67.9 million on Tuesday. The previous day, investors had pulled $131.3 million from these funds, indicating a shift away from bitcoin.

“We’re seeing a familiar rotation from Bitcoin to Ethereum,” – Min Jung, a research analyst at Presto. “Bitcoin has rallied significantly this year, and for investors who feel they’ve ‘missed’ the BTC trade or are looking for the next opportunity, Ethereum is becoming the natural next step.”

Ethereum’s recent rally comes from a surge in structural demand

In a July 22 memo, Bitwise CIO Matt Hougan described what he called a “demand shock” for ether. He wrote that since May 15, ETFs and corporate treasuries have bought approximately 2.83 million ETH, worth about $10 billion. That is about 32x the number of ETH minted by the network over the same period.

Hougan said that over the past month alone, ether has jumped over 65%, and since April, the price has climbed over 160%. He argued that this rise is driven by the imbalance between fresh demand and new supply, rather than changing market sentiment.

Since US spot BTC ETFs began trading at the start of last year, funds on Wall Street, public companies including Trump Media and Strategy, and some governments have added over 1.5 million Bitcoins to their reserves, compared with only 300,000 newly minted coins. This roughly 5 to 1 demand advantage helped push bitcoin’s price up about 155%, making it the highest performer in this time. “Five times more demand than supply. Sometimes it really is that simple,” Hougan wrote.

Ethereum’s early rally run did not see strong demand

In the first ten months after spot ETH ETFs launched in the mid of 2024, these funds bought just 660k coins with roughly $2.5 billion in net new money, while public companies added only small amounts, and the network issued about 543,000 ETH. As a result, ether trailed behind bitcoin’s performance over that stretch.

Then, spot ETH products ramped up their purchases in mid-May. They have since bought over $5 billion worth of ether, while companies such as SharpLink Gaming, Bit Digital, BitMine Immersion, and The Ether Machine, revealed large‑scale treasury plans. 

These companies purchased around 2.83 million Ethereum, a move that likely helped the token break above $3,800.

Looking ahead, Hougan forecasted that ETFs along with corporate treasuries may purchase $20 billion worth of Ethereum over 2025. That would be around 5.33 million tokens. 

At the same time, the network would only issue around 800,000 Ethereum in this time frame. He mentioned that investors remain underexposed to Ethereum in comparison with bitcoin but also expects that to change as stablecoin and tokenization trends grow.

“In the short term, the price of everything is set by supply and demand, and right now, there is more demand for ETH than supply,” Hougan wrote. “As a result, I think we’re heading higher.”

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