Despite the recent challenges encountered by U.S.-listed spot Bitcoin exchange-traded funds (ETFs), their Ethereum counterparts pulled in nearly $6 million on Wednesday, marking their first positive day after nine straight days of outflows.

Substantial Inflows Into Ethereum ETFs

Data from SoSoValue shows that the spot Ether ETFs experienced $5.8 million in net positive inflows yesterday.

Grayscale’s Ethereum Trust (ETHE) recorded a net outflow of $3.81 million, offset by $8.4 inflows into BlackRock’s ETHA and $1.3 million into Fidelity’s FETH.

This notable surge in Ethereum inflows comes as investors withdrew their money from BTC spot ETFs. Bitcoin ETFs registered a total net outflow of $105 million, with key players like Grayscale (GBTC) and ARK Invest’s (ARKB) funds bleeding the most BTC, according to SoSoValue.

While Bitcoin ETFs have typically witnessed stronger investor demand since their debut earlier this year, Ether’s latest inflows indicate rising interest in the king of altcoins.

It’s worth mentioning that BlackRock’s ETHA was the seventh-most-successful ETF launch in 2024 with over $1 billion worth of inflows.

Ether ETF Inflow Revival To Spark ETH Bull Run?

Investors anticipated a meteoric price rally since the Ether ETFs went live on Wall Street on July 23. For Bitcoin, the ETFs accounted for around 75% of new investments in the apex crypto by mid-February as it crossed the $50,000 region.

All nine spot ETH products recorded $151.6 million in trading volume on Wednesday, which is dramatically lower than the approximately $900 million they started trading with in late July. The cumulative trading volume of these ETFs shows that institutional investors don’t yet have a strong appetite for them.

The funds have seen $475.48 million worth of total net outflows, with the Grayscale Ethereum Trust ETF accounting for most of the exodus. However, demand for ETH ETFs is expected to continue and grow in the coming months, boosting the price of Ether — possibly mirroring Bitcoin’s parabolic surge to its current all-time high following the approval of BTC ETFs in Q1.

Meanwhile, ETH bulls are aggressively pushing for the resumption of the uptrend above $3,000. The crypto must first successfully turn the critical $2,700 resistance level into support before positioning for a breakout above the elusive $3K mark.

At the time of writing, ETH is trading for $2,539, up 0.24% over the last 24 hours.