Ethereum ETFs match record 19-day inflow streak, adding $5.4 billion as holdings near 5% of ETH supply

The U.S. spot Ethereum exchange-traded funds have matched their record 19-day net inflow streak, with the latest run now totaling $5.38 billion.

The prior 19-day streak from May 16 to June 12 brought in $1.37 billion. However, inflows have ramped up considerably during this latest run, which began on July 3, averaging $282.9 million per day.

That said, Wednesday's net inflows of $5.8 million represent the lowest addition for the period, and it remains to be seen if the ETFs can set a new record daily inflow streak on Thursday or if the run comes to an end.

BlackRock's ETHA led Wednesday's inflows, adding $20.3 million, followed by Grayscale's ETHE with $7.8 million. However, that was offset by $22.3 million in net outflows from Fidelity's FETH, while the other ETFs all witnessed zero flows for the day, according to data compiled by The Block.

ETHA has also dominated the 19-day run, accounting for $4.19 billion or 78% of the total, followed by Fidelity's FETH with $591.7 million, and Grayscale's mini ETH product with $451 million. Bitwise's ETFW added $94.3 million during the period, while VanEck's ETHV added $25.6 million, Franklin Templeton's EZET $18.8 million, Invesco's QETH $3.7 million, and 21Shares CETH $3.4 million. Grayscale's converted and higher-fee ETHE fund witnessed the only net outflows, losing $6.5 million. The ETFs' cumulative net inflows since their July 2024 debut currently stand at nearly $9.7 billion.

Meanwhile, the U.S. spot Bitcoin ETFs notched $47.1 million worth of net inflows on Wednesday, extending their own positive run to five days, totaling $641.7 million. Total cumulative net inflows stand at $55.4 billion since their January 2024 launch.

Ethereum ETF holdings approach 5% of ETH circulating supply

In combination, the U.S. spot Ethereum ETFs now hold approximately 5.7 million ETH on behalf of their clients, according to CoinGlass data and the funds' disclosure pages, worth around $22 billion at current prices.

That's equivalent to approximately 4.7% of ETH's estimated 120.7 million circulating supply ($466 billion), per The Block's ETH price page. ETH is currently trading for $3,860, up 1.3% over the past 24 hours and 16% year-to-date.

BlackRock's ETHA accounts for over 3 million ETH alone, worth around $11.6 billion, equivalent to approximately 2.5% of ether's circulating supply.

In comparison, the total value of ether treasuries recently surpassed $10 billion, accounting for 2.73 million ETH or around 2.3% of the circulating supply across 64 entities, according to SER data, The Block reported earlier on Thursday.

ETF in-kind redemptions approved: Are staking features next?

On Tuesday, the SEC approved in-kind redemptions for U.S. spot Bitcoin and Ethereum ETFs, aligning the crypto investment products with traditional fund structures and reducing costs for investors. The regulator granted accelerated approvals to Nasdaq, NYSE Arca, and Cboe BZX, clearing the way for firms like BlackRock, Fidelity, and Ark Invest to use in-kind processes, allowing their authorized participants to create and redeem ETF shares using the crypto assets rather than converting to cash.

With the SEC acknowledging a 19b-4 filing from Nasdaq to allow staking in BlackRock's Ethereum ETF on Wednesday, NovaDius Wealth Management President Nate Geraci said staking approvals for the funds are "next on the SEC's hit list," under the pro-crypto Trump administration — ahead of a green light for any other crypto ETFs.