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Highlights
- Spot Ethereum ETFs have recorded positive inflows for nine consecutive sessions.
- Glassnode data reveals that the average cost basis for Ethereum ETF investors is $3,300 for ETHA and $3,500 for FETH, with average investor down 21%.
- Net inflows on Thursday reached $91.9 million, with BlackRock's ETHA contributing $50.4 million and Fidelity's FETH adding $38.3 million.
Spot Ethereum ETF inflows have surged once again, however, they won’t have much impact on the spot ETH price, a Glassnode study reveals. For nine consecutive sessions, inflows into spot Ether ETFs have remained positive, which shows that institutional interest is building up. However, the trading volumes contributed by these ETFs in the spot Ether market aren’t enough.
Ethereum ETF Inflows Surge Led By BlackRock
Over the past nine trading sessions, inflows into spot Ether ETFs have surged, showing rising institutional interest for the asset class. BlackRock’s ETHA is leading most of the inflows, now crossing $4.5 billion since inception.
As per Farside Investors’ data, the net inflows into spot Ethereum ETFs on Thursday were $91.9 million, of which BlackRock’s ETHA alone contributed $50.4 million. On the other hand, Fidelity’s FETH contributed $38.3 million. But citing the cost basis for ETHA and FETH, Glassnode reported that the average investor here is underwater.
The Glassnode report shows that BlackRock’s ETHA has a cost basis of $3.3K, while Fidelity’s FETH has a cost basis of $3.5K. This shows that an average ETH investor in these ETFs is currently down approximately 21% on their position.
Additionally, the report highlights that net outflows have accelerated each time Ethereum’s spot price dropped below these average cost-basis levels, notably in August 2024, as well as in January and March 2025.
ETH Price Yet To Catch Up to Cost Basis
Currently, Ethereum price is trading at $2,616 levels, dropping 4% in the last 24 hours, and still trading under the cost basis. However, inflows into Ethereum ETFs are catching pace again. On the other hand, spot Bitcoin ETF flows turned negative on Thursday, after strong inflows over the past month. Popular crypto analyst Crypto Rover calls it a capital rotation from BTC to ETH.
Negative ETF flows for Bitcoin.
Positive ETF flows for Ethereum.
MONEY IS ROTATING INTO $ETH! 🔥 pic.twitter.com/HZwSjuS5DY
— Crypto Rover (@rovercrc) May 30, 2025
However, these net flows won’t be contributing much to the spot ETH price as per Glassnode since the Ether ETFs’ contribution to trading volume in spot markets is very negligible. The blockchain analytics firm noted:
“The Ethereum ETFs initially accounted for just ±1.5% of the trade volume in spot markets, suggesting a relatively lukewarm reception on launch. The ETFs experienced a period of stronger growth in Nov 2024, where this measure increased to over 2.5%, however has since declined back towards 1.5% for 2025”
The crypto market is currently in a choppy situation as concerns around US-China trade war gather momentum again. Furthermore, the volatility is back amid the global macro uncertainty .
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