Ether ETFs' Inflows Jump as Prices Lag Surging Bitcoin
- U.S.-listed spot ether ETFs have attracted $2.6 billion in net inflows this year.
- Still, Ether’s price action has been underwhelming.
Ether prices have climbed in recent weeks amid a burst of enthusiasm for spot Ether ETFs. But despite growing investor interest, the rally has lacked conviction.
So far in 2025, U.S.-listed spot Ether ETFs have attracted $2.6 billion in net inflows, with $900 million of that coming in the past week. Leading the pack is the iShares Ethereum Trust (ETHA), with $2.8 billion of inflows, more than the total category haul due to redemptions elsewhere.
The Fidelity Ethereum Fund (FETH) and Grayscale Ethereum Mini Trust (ETH) have each taken in just over $200 million, while the Grayscale Ethereum Trust (ETHE) has seen $623 million in outflows.
Ether Price Action Underwhelms
Still, Ether’s price action has been underwhelming. While the cryptocurrency is up 19.8% over the past month—modestly ahead of Bitcoin’s 14.5% gain—it remains down 9.2% year to date. Bitcoin, in contrast, has surged 29% this year and hit multiple record highs, recently topping $123,000 for the first time.
Ether, meanwhile, is trading around $3,000, still 25% below its December 2024 highs and 37% below its all-time high from 2021. That divergence has left some investors disappointed.
Despite playing a critical role in the booming stablecoin market—where most dollar-backed tokens are issued on the Ethereum blockchain—Ether hasn’t enjoyed the same rally as equities tied to the space. Shares of Coinbase Global Inc. (COIN) and Circle Internet Group (CRCL), the backers of the USDC stablecoin, have recently surged to record levels.
ETHA Assets Grow
But, for some, Ether’s underperformance may be a buying opportunity. Assets in ETHA have grown to $6.1 billion, while total assets in U.S. spot Ether ETFs now exceed $13.5 billion.
That’s a meaningful number and a sign that these products could eventually serve as a demand catalyst, much like spot Bitcoin ETFs have done for Bitcoin. The iShares Bitcoin Trust (IBIT), for instance, has ballooned to more than $84 billion in AUM since launching in January 2024.
Whether Ether follows a similar trajectory remains to be seen, but ETF investors are clearly placing their bets.
