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Ethereum ETFs experienced a record inflow streak last week, adding a net $2.31 billion ovst seven trading sessions between July 18 and July 28. Five of those days saw net inflows exceed $230 million, with the largest single-day inflow of $533.8 million recorded on July 22.
This surge in inflows has dwarfed previous weeks and increased the post-launch average, which had been suppressed for months due to persistent outflows from Grayscale’s converted ETHE fund.
For context, average daily net inflows across all issuers during this seven-day window reached $331 million, nearly nine times higher than the ETF market’s lifetime daily average of approximately $37 million. In absolute terms, this past week accounted for almost 25% of all net flows since Ethereum ETFs launched in July 2024.
The most active day was Tuesday, July 22, when $533.8 million was added amid a brief dip in Ethereum’s spot price to $3,748. This indicates that flows weren’t reacting just to price. Instead, the consistency of creations across both up and down days in ETH shows that these flows are structurally motivated.
ETH closed at $3,800 on July 28, up 7.0% from its $3,550 close on July 18. Much of this upside occurred in the early part of the weekly streak. On July 21, ETH climbed nearly 6% while ETFs added $296.5 million in net flows. After that, ETH mostly consolidated in the $3,600-$3,750 range, even as inflows remained steady.
This divergence between flow strength and price direction shows us that the demand for ETH exposure is most likely driven by long-term positioning. The 30-day rolling correlation between ETF flows and ETH’s daily returns rose to 0.60 last week, the highest since February.
BlackRock’s ETHA ETF remains the dominant driver of net inflows, contributing $1.82 billion during the seven-day period, roughly 79% of total creations. However, other issuers also began showing signs of life. Fidelity’s FETH saw a $210 million single-day creation on July 24, matching its total for the entire month of May. However, this was followed by a $49.2 million outflow on July 28, suggesting the inflow may have been linked to tactical or arbitrage strategies rather than discretionary positioning.
Bitwise’s ETHW added $48 million over the week, while combined flows from 21Shares, VanEck, Franklin, and Invesco added another $60 million. Grayscale’s ETHE, while still bleeding capital, showed signs of stabilization. Outflows slowed to an average of $18 million per day during this period, down from $94 million in March. The two-day total outflow on July 24 and 25 was just $42 million, marking the smallest two-day window since February.
This fading drag from ETHE is likely improving sentiment for the broader ETF suite, reducing the negative pull on net creation metrics and improving aggregate AUM momentum.
While the $65 million net inflow on July 28 was materially lower than the preceding days, it’s premature to interpret it as a reversal. Most major funds still recorded inflows, and the negative print came entirely from Fidelity. As discretionary managers assess whether to rebalance further into Ethereum ETFs, July’s closing stretch may offer a first glimpse into a stable post-repricing baseline.
The ETF flow-to-price feedback loop is clearly strengthening. If spot ETH maintains a foothold above $3,800 while flows hold north of $150 million per day, the next leg higher could be built on something far more durable than retail speculation or protocol narrative cycles: it may be rooted in ongoing portfolio allocation.
The post Ethereum ETF inflows cross $2.3B in a week as demand intensifies appeared first on CryptoSlate.
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