Ether ETFs' Record 12-Day Inflow Streak Ends With a $48 Million Outflow, but BlackRock's Staking Fund Keeps Absorbing Cash
US spot ether ETFs posted their first net outflow in 12 sessions on Sept 2, led by redemptions from BlackRock's ETHA, Fidelity's FETH and Grayscale's ETHE, while BlackRock's staked-ether fund ETHB took in $52.9 million. Flows turned positive again on Sept 3 and 4.
US spot ether exchange-traded funds recorded a net outflow of about $48 million on Tuesday, September 2, ending a 12-session run of inflows that Bitget described as the longest since the products launched in July 2024. The streak's final day, September 1, brought in a modest $10.95 million.
Who sold and who bought
The September 2 outflow was concentrated in three funds. BlackRock's iShares Ethereum Trust (ETHA) posted the largest net outflow at $53.35 million, while Fidelity's FETH and Grayscale's ETHE lost $26.17 million and $23.49 million respectively, according to Bloomingbit's Suehyeon Lee citing Trader T data. Pulling the other way, BlackRock's staking-enabled fund ETHB attracted $52.91 million and 21Shares' TETH added $2.03 million.
That split is the story. ETHB, which passes staking rewards of roughly 3% to 4% a year through to holders, has been the steadiest buyer in the group, and its cumulative inflows stood at $758 million as of September 3 per KuCoin's summary of SoSoValue data. ETHA remains far larger with $12.74 billion in cumulative inflows. Across all US spot ether ETFs, net assets were about $15 billion, or 5.13% of ether's market capitalization, with all-time cumulative net inflows of $13.03 billion.
Flows recovered quickly
September 3: net inflow of $141.39 million, the strongest day of the week.
September 4: net inflow of $26.46 million, down 81% day on day; ETHA took in $57.79 million and ETHB $16.44 million while FETH shed $48.30 million, or about 19,670 ETH.
The pullback follows an unusually strong August. A nine-session run from August 17 to 28 brought in $1.42 billion, with ETHA accounting for about 72% of it, and August 28 alone saw $225.8 million, the strongest day in ten months, according to crypto.news. Coingabbar reported that BlackRock clients bought $1.16 billion of ether over 15 consecutive days. Max Shannon of Bitwise Europe attributed the buying to a marked rise in cross-asset risk appetite.
What to make of it
One day of redemptions after twelve days of purchases is a pause, not a reversal, and the rotation into a yield-bearing fund suggests holders are optimizing structure rather than exiting. Two data caveats: daily figures differ slightly between providers (Trader T versus SoSoValue), and sources disagree on which fund drove the small September 1 inflow, with Bloomingbit crediting ETHB and Bitget crediting ETHA. Ether opened September 4 near $2,508, up about 35% over one month but still roughly 44% below its August 2025 all-time high.