US Spot Ether ETFs See 7-Day Inflow Streak, Totaling $730M

U.S. spot Ether exchange-traded funds (ETFs) have recorded seven consecutive days of net inflows totaling $730.21 million. On December 3 alone, the funds attracted $133 million in inflows despite Ether’s subdued price performance.

Data from on-chain aggregator SoSoValue reveals that Fidelity’s FETH ETF led the charge with a single-day net inflow of $73.72 million, pushing its historical cumulative inflow to $918 million. BlackRock’s ETHA ETF followed closely, bringing in $65.29 million in one day and reaching a total cumulative inflow of $2.224 billion.

Conversely, Grayscale’s Ethereum Trust ETF (ETHE) experienced a net outflow of $6.37 million, contributing to its historical net outflow of $3.417 billion.

ETH Faces Reduced Selling Pressure

The recent inflow streak has pushed the total net asset value of Ethereum spot ETFs to $11.218 billion, representing 2.58% of Ethereum’s overall market capitalization. As of writing, Ether is priced at $3,706, reflecting an 8.4% increase over the past seven days.

Interest in Ether ETFs has increased, particularly following Donald Trump’s recent presidential victory. In November, spot Ether ETFs achieved a record-breaking single-day inflow of $295 million on November 11.

On-chain data from IntoTheBlock supports the trend, indicating that Ether (ETH) is experiencing reduced selling pressure. The analytics platform revealed that 92% of ETH holders are currently in profit, marking the highest level since June. The widespread profitability minimizes the likelihood of mass sell-offs, which could further support ETH’s price momentum and sustain investor interest in ETFs linked to the asset.

Growing Institutional Interest

Institutional interest in Ether has also been growing, evidenced by the State of Michigan Retirement System’s recent investment in Grayscale’s Ethereum Trust ETF (ETHE). This marks the first Ether-based investment by a state pension fund since the product’s launch.

Michigan’s pension fund now holds 460,000 shares in Grayscale’s ETHE, valued at approximately $10 million as of Q3 2024. According to VanEck’s Matthew Sigel, the fund also disclosed owning 460,000 shares in Grayscale’s Ethereum Mini Trust ETF, worth around $1.1 million. These developments reflect a broader trend of increasing confidence in Ether among institutional investors.