Ethereum ETFs Draws More Cash in July Than in All Prior Months Combined

The U.S. spot Ethereum (ETH) ETFs experienced a massive, record-breaking inflow of capital in July. According to data from the research platform SosoValue, the ETH spot ETFs saw a total net inflow of $5.41 billion in July alone, a figure that exceeds the total from all previous months combined since their launch.

BlackRock’s ETHA dominated the ETH ETF inflows

According to SosoValue’s data, the US ETH spot ETF total cumulative inflow as of Tuesday, July 29, was $9.62 billion, with BlackRock’s ETHA claiming the lion’s share, recording $9.70 billion in inflow. This figure accounts for the massive $4.31 billion in net outflows from Grayscale’s ETHE fund since its conversion.

Related: Crypto Market Rallies on Ceasefire News; Bitcoin and Ethereum ETFs See $659M Inflow in Total

Fidelity’s FETH has been another strong performer, contributing $2.29 billion to the total. The strong performance across most of the funds signals a highly successful season of institutional participation in the Ethereum market.

Institutional ETF appetite is increasing

Crypto analysts consider the latest development historic and a reflection of increasing institutional appetite in the crypto market. One such analyst noted that BlackRock’s dominance and 18 straight days of net inflows shows deep conviction from both traditional finance players and crypto whales, a trend that is now seeing ETH ETF flows outpace those of the Bitcoin ETFs.

ETF inflows fuels 67% rally in the ETH price

The massive inflow into the Ethereum spot ETF in July had a positive effect on ETH’s price, with the top altcoin showing significant bullish momentum. Ethereum surged over 67% between July 1 and July 29, breaking above historic resistance levels and reintroducing the kind of bullish energy it had several months ago.

Related: Record-Breaking Spot Ethereum ETF Adds Over $726 Million in One Day

TradingView’s data shows that Ethereum traded at $3,814 at the time of writing, approximately 7.5% below its all-time high. Most users expect the uptrend to continue and for Ethereum to break into new price territories. Despite recent profit-taking by retail traders, the flagship altcoin maintained a notable bullish momentum, suggesting that the uptrend is intact.