Ethereum ETFs just logged $1.42 billion in nine days and BlackRock bought every single one of them

Nine consecutive sessions of net inflows have narrowed the gap with Bitcoin ETFs to almost nothing. But spot volume tells a different story, and one that matters more.

The nine day streak that began on August 17 has been the most concentrated burst of institutional Ethereum buying since the spot ETFs launched. It has also been the most lopsided. One issuer, BlackRock, has accounted for nearly three quarters of every dollar that entered the category. Everyone else has been a rounding error.

How the streak took shape

The buying run started quietly. On August 17, Ethereum ETFs drew a fraction of what their Bitcoin counterparts pulled in. Bitcoin funds took roughly ten times as much that day. The ratio narrowed steadily over the following sessions, and by August 28 the two categories were separated by just $16.5 million, with Ethereum ETFs logging $225.8 million against Bitcoin’s $242.3 million.

The last day of net outflows for the Ethereum funds was August 11. Farside Investors data shows August 14 as the only session since then to register no net flow in either direction. From August 17 onward, every session has been positive.

Fidelity’s FETH posted its best day of the run on August 28 at $56.2 million. BlackRock’s staked Ethereum product, ETHB, added $20.7 million that same day. But neither fund has matched ETHA’s consistency. BlackRock has bought on all nine days without exception.