US Spot Ethereum ETFs Post $2.36 Million Inflow, Break Outflow Streak

U.S. spot Ethereum ETFs recorded net inflows of $2.36 million on November 13, ending six consecutive sessions of withdrawals, according to data from SoSoValue. The modest positive print marked the category's first day of net creation after a sustained run of daily outflows.

The reversal followed one of the streak's heaviest sessions. On November 12, the funds lost $70.57 million in net terms, the final withdrawal in a six-day stretch that had dragged on cumulative flows.

Which funds drove the reversal?

A single issuer carried the entire net figure. Fidelity's FETH attracted $11.64 million in net inflows, making it the only fund in the category to post creations on the day.

Grayscale's ETH sat at the other end of the ledger. The fund recorded the category's only net withdrawal, losing $9.28 million. The difference between those two positions — roughly $2.4 million net of the Grayscale outflow — produced the day's headline inflow.

All other spot Ethereum ETFs in the U.S. market recorded flat net flows, neither creating nor redeeming shares on November 13.

How large is the market?

Total trading volume across the category reached $464.97 million for the session. BlackRock's ETHA dominated turnover at $324.86 million, roughly 70% of the category total. Fidelity's FETH ranked second at $52.11 million, followed by Grayscale's ETH at $38.43 million.

Total net assets across U.S. spot Ethereum ETFs stood at $10.85 billion, equivalent to about 4.56% of Ethereum's market capitalization.

The asset base remains concentrated in three products:

• BlackRock ETHA: $5.44 billion, the largest single fund
• Grayscale ETH: $1.75 billion
• Grayscale ETHE: $1.33 billion, the converted original trust

What does the cumulative picture show?

Despite the recent outflow streak, cumulative net inflows since the products launched stand at $11.52 billion. That figure exceeds the current $10.85 billion in net assets, a gap explained by price depreciation in the underlying asset since the peak of accumulation.

The structure of Thursday's flows points to a familiar pattern in the category: creations concentrated in low-fee institutional vehicles such as FETH, offset by redemptions from Grayscale's higher-cost ETH fund. Whether the $2.36 million marks a durable turn or a one-session pause will become clear as daily flow data accumulate over the coming weeks.

By Tom Whitfield