Ethereum ETFs Are Hitting New Highs—But There’s a Catch
Something’s shifting in the world of crypto ETFs. Spot Ethereum funds traded on U.S. exchanges just smashed another record, hitting $3.1 billion in daily trading volume yesterday. That’s a first since their launch last year.
For context, these same funds barely scraped past $1 billion in daily volume when they debuted. By August, activity had slumped below $200 million. Even this past December—during a minor altcoin rally—volumes stalled around $1.2 billion. The climb since then has been slow but steady: $1.5 billion in March, then finally breaking $2 billion last week. Now, suddenly, $3 billion doesn’t seem out of reach.
Inflows Are Picking Up, Too
It’s not just trading volume. On July 16, Ethereum ETFs saw their largest single-day inflow ever—over $700 million. Before that, they’d never topped $400 million in a day. The momentum didn’t last, but inflows have stayed above $200 million daily since.
Total net inflows now sit at $7.8 billion. That’s nowhere near Bitcoin ETFs’ $54 billion, sure, but it’s a sign things might be turning around.
How Do They Stack Up Against Bitcoin?
Bitcoin ETFs still dominate. Their all-time high for daily inflows is $1.3 billion—nearly double Ethereum’s best day. Even on July 16, when Ethereum hit its record, Bitcoin funds pulled in close to $800 million.
Then there’s Solana. Its spot ETFs, which only launched this year, have barely made a dent. Their highest daily inflow? Just $33 million. Total inflows haven’t even crossed $100 million yet.
Trading volumes tell a similar story. Yesterday, Bitcoin ETFs hit $4 billion—a normal day for them. Back in May, they neared $8 billion. January almost hit $9.5 billion. Ethereum’s numbers are growing, but they’re still playing catch-up.
The Rough Start Nobody Talks About
Remember when Ethereum ETFs first launched? It was messy. Grayscale’s fund—converted from an existing trust—flooded the market with ETH sales, driving prices down from $3,300 to $2,300. Even by November, Ethereum was still stuck around $2,400 while Bitcoin surged.
That sell-off lingered. During the so-called “Trump trade,” Bitcoin jumped 57% past its previous highs. Ethereum? It couldn’t even reach its 2024 peak, struggling below $4,100.
But here’s the thing: that pressure seems to have lifted. The recent numbers suggest Ethereum ETFs might finally be finding their footing. Whether they’ll ever close the gap with Bitcoin is another question—but for now, at least, they’re not fading into obscurity.
