Ethereum ETFS experienced a record influx streak last week, adding seven OVST trading sessions of $23.1 billion between July 18th and July 28th. Of those, five days exceeded $230 million, with the largest daily inflow on July 22nd, reaching $533.8 million.
This surge in influx reduced the previous few weeks, increasing the average since launch. This was being held back for several months due to sustained outflows from Grayscale’s converted Ethe fund.
In the context, the average daily net inflow across all issuers in the seven-day window reached $331 million, nine times the lifetime average of the ETF market. Absolutely speaking, the last week has accounted for almost 25% of all net flows since Ethereum ETFS, which began in July 2024.
The most active day was Tuesday, July 22nd, with $533.8 million added to $3,748 in a short dip of Ethereum spot price. This indicates that the flow was not responding to price alone. Instead, the consistency of the work across both the up and down ETH days indicates that these flows are structurally motivated.
ETH closed at $3,800 on July 28th, up 7.0% from $3,550 on July 18th. Much of this rise occurred early in the weekly winning streak. On July 21st, ETH rose nearly 6%, with ETFS adding $296.5 million in net flow. ETH was then integrated primarily in the $3,600-3,750 range, even if the inflow was stable.
This difference between flow intensity and price direction indicates that demand for ETH exposure is likely to be driven by long-term positioning. The 30-day rolling correlation between ETF flow and daily returns for ETH increased to 0.60 last week, the highest since February.
BlackRock’s Etha ETF remains the dominant driver of net inflows, donating $1.82 billion over a seven-day period, roughly 79% of total creations. However, other publishers have also begun to show signs of life. Fidelity’s Feth saw its $210 million daily creation on July 24th, matching its overall May total. This was followed, however, by a $49.2 million outflow on July 28, suggesting that the inflow could be related to tactical or arbitrary strategies rather than discretionary positioning.
Bitwise’s ETHW added $48 million a week, but added another $60 million in total flows from 21 shares, Vaneck, Franklin and Invesco. Grayscale’s Ete is still bleeding the capital, but showed signs of stabilization. During this period, the outflow slowed to an average of $18 million per day during this period, down from $94 million in March. The two-day total spill on July 24th and 25th was just $42 million, marking the smallest window in two days since February.
This declined drug from ETHE could improve the sentiment of the broader ETF suite, reduce the negative pull of net-created metrics, and improve the momentum of aggregated AUM.
The net inflow of $65 million on July 28 was substantially lower than the previous day, but it was too early to interpret it as a reversal. Most major funds still record inflows, and negative prints came from complete faithfulness. If discretionary managers evaluate whether they will readjust further readjustment to Ethereum ETF, the July closure stretch gives us the first glimpse into the replication baseline after stabilization.
The price feedback loop from ETF flow is clearly strengthened. If Spot ETH maintains scaffolding of over $3,800, and the flow holds a north of $150 million per day, the next leg can be built on something much more durable than the retail speculation and protocol narrative cycle.
As demand intensified, Ethereum ETF inflows first appeared on Cryptoslate, exceeding $2.3 billion in a week.
