Bloomberg ETF analyst James Seyffart recently highlighted the sharp contrast in investor demand between spot Ethereum ETFs and spot Bitcoin ETFs.
According to Seyffart, Ethereum ETFs have recovered from earlier periods of heavy outflows and have recently recorded modest inflows. However, institutional demand for these products still lags far behind the strong momentum driving Bitcoin ETFs.
Key Points
- Bloomberg ETF analyst James Seyffart highlighted the massive disparity in investor demand between spot Ethereum ETFs and spot Bitcoin ETFs.
- Ethereum ETF cumulative net flows plunged to negative $790 million in September 2024, before rebounding to stabilize around $11 billion.
- Ethereum ETFs recorded their strongest growth phase in October 2025, when cumulative net inflows briefly surged to nearly $15 billion.
- Despite the recovery, Ethereum ETFs still lag far behind Bitcoin ETFs, which have attracted more than $58 billion in cumulative net inflows.
Ethereum ETF Flow Turns Bullish
In a tweet today, Seyffart shared a chart showing the volatile trajectory of cumulative net flows for the Ethereum ETF since September 2024. The chart revealed that Ethereum ETFs initially struggled to sustain investor interest, with cumulative flows dropping to negative $790 million by September 2024.
Although market conditions gradually improved, inflows remained weak through the end of the year, with cumulative flows still at negative $660 million.
Investor sentiment shifted significantly in 2025 as Ethereum ETFs began attracting stronger institutional allocations. Cumulative inflows climbed above $3 billion by February 2025 before accelerating sharply during the second half of the year.
Ethereum ETFs experienced their strongest growth phase in October 2025, when cumulative net inflows briefly surged to nearly $15 billion.
However, that momentum later weakened. Following the October peak, cumulative inflows steadily declined before stabilizing around $11.82 billion by May 2026. At press time, cumulative flows stood at $11.93 billion, according to data from Farside Investors.
Ethereum ETF Flow Slump Trails Bitcoin
Although the recent recovery in Ethereum ETF flows signals improving investor sentiment, the figures remain significantly smaller than Bitcoin ETF inflows. At the time of reporting, spot Bitcoin ETFs had accumulated net inflows of more than $58.6 billion in cumulative net inflows. This figure exceeds total net flows into spot Ethereum ETFs by more than 391%.
Notably, spot Bitcoin ETFs launched in January 2024, while Ethereum ETFs debuted in the United States in May 2024. Even though the products launched only five months apart, institutional investors have shown far stronger interest in Bitcoin-focused products.
This preference largely stems from Bitcoin’s reputation as a “store of value” and a safer, less volatile entry point into the crypto market. In contrast, many investors view Ethereum as a higher-risk, technology-driven asset closely tied to blockchain innovation and decentralized applications.
Nonetheless, the recent inflows into Ethereum ETFs suggest that investor sentiment may be stabilizing, even as institutions remain far more comfortable allocating capital to Bitcoin investment products.
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