Spot ether ETFs post 20th consecutive day of net inflows, marking longest streak since debut

Spot Ethereum exchange-traded funds reported their 20th consecutive day of net inflows on Thursday, marking their longest positive flow streak since launch.

Yesterday, the spot ether ETFs saw a total daily net inflow of $17 million, according to data from SoSoValue. BlackRock's ETHA led net inflows with $18.2 million, followed by $5.62 million moving into Fidelity's FETH. This was countered by $6.8 million in net outflows from Grayscale's ETHE.

The latest 20-day run not only surpasses the previous 19-day streak from May 16 to June 12 in length but also in the amount of inflows. The previous streak brought in $1.37 billion, while this 20-day inflow run saw nearly $5.4 billion in total inflows. In the past three months, spot ETH ETFs only saw nine days of net outflows.

With the consistent stream of net inflows, the ETH ETFs now hold $21.52 billion worth of total net assets, representing 4.77% of the total Ethereum market capitalization. 

Presto Research Analyst Min Jung previously explained that the market is currently undergoing a natural rotation from BTC to ETH, fueled by investors who feel like they have missed their opportunity to invest in BTC during its bull run above $123,000 last month.

Reflecting this trend, spot Bitcoin ETFs experienced weakened inflows, posting net outflows of $114.83 million on Thursday.

Meanwhile, U.S. issuers are ramping up efforts to launch spot ETFs based on altcoins outside of bitcoin and ether, such as Solana, XRP and Dogecoin. 

On Thursday, multiple issuers, including Grayscale, Franklin Templeton and Canary Capital, filed amendments to their spot Solana ETF S-1 registration statements to the SEC, indicating potential signs of advancement towards approval.

Fuelling the momentum are continued positive signals from U.S. regulators. On Thursday, SEC Chair Paul Atkins declared that "most crypto assets are not securities," effectively abandoning the agency's earlier position that had deterred many issuers from introducing crypto-related products.