Ethereum spot exchange-traded funds (ETFs) have recorded a net inflow of $5.8 million, ending a nine-day streak of consecutive outflows. This marks the first positive movement for Ethereum ETFs after a period of sustained withdrawals.
Among the key players, BlackRock’s ETHA ETF led the way with the largest inflow, drawing in $8.4 million, according to data from SoSoValue. Fidelity’s FETH ETF also contributed positively with a $1.3 million inflow. In contrast, Grayscale’s ETHE ETF saw an outflow of $3.8 million, reflecting some ongoing selling pressure despite the overall positive trend.
Ethereum ETFs Face Longest Outflow Streak
The recent outflow streak of nine days was the longest since these funds began trading last month. Despite this, Ethereum ETFs have achieved a total net flow of nearly $500 million within their initial five weeks.
JP Morgan analysts had anticipated weaker inflows for Ethereum ETFs compared to Bitcoin ETFs, attributing this to the lack of staking opportunities and lower liquidity. The larger-than-expected outflows from Grayscale’s ETHE have sparked discussions among asset managers about potentially launching a combined Bitcoin and Ethereum spot ETF.
Challenges for Bitcoin Spot ETFs
On Wednesday, Bitcoin spot ETFs also encountered difficulties, with a total net outflow of $105 million. Grayscale’s GBTC experienced $7.98 million in outflows, followed by Grayscale’s mini ETF BTC with $8.77 million and ARKB with $59.27 million.
BlackRock Expands Ethereum ETF to Brazil
In related news, BlackRock has expanded its cryptocurrency offerings internationally by listing an Ethereum ETF on Brazil’s stock exchange, B3. The ETF, trading under the ticker ETHA39, became available to both retail and institutional investors in Brazil on August 28.
The new Ethereum ETF is offered as a depositary receipt, representing shares in a foreign fund and traded in the local currency. For Brazilian investors, BlackRock’s iShares Ethereum Trust (ETHA) will be priced at one-third of its original value, making it more accessible. Management fees are set at 0.25% annually, matching U.S. rates, but will be reduced to 0.12% for the first year or until the fund reaches $2.5 billion in assets under management.
This launch follows BlackRock’s successful introduction of its iShares Bitcoin Trust in Brazil, also available through a depositary receipt. Cristiano Castro, BlackRock’s director in Brazil, highlighted the rapid growth of the iShares Bitcoin Trust, calling it “the fastest-growing ETF in history over a three-month period,” reflecting strong demand.
Brazil remains a leader in crypto-tied financial products, now offering 15 ETFs or depositary receipts linked to digital assets. Additionally, local regulators have approved the world’s first spot Solana-based ETF, which is anticipated to launch soon.
