Ethereum spot ETFs have recorded net positive flows for 20 consecutive trading days.

This accumulation streak, highlighted by a $17 million net intake on July 31, stands in stark contrast to Bitcoin ETFs, which saw a $115 million exit on the same day, their first outflow after five days of gains.

Institutional Appetite

The latest run of 20 days surpassed an earlier one of 19 green days between May 16 and June 12, cut short by $2.18 million in outflows on June 13. This was followed by a few days of intermittent flows before the current spree kicked off in earnest on July 3.

It has since pushed cumulative allocations to $9.64 billion, per SoSoValue data, with July alone seeing $5.41 billion in net capital directed toward ETH ETFs, more than the combined total of the previous 11 months.

BlackRock’s ETHA remains the market leader, attracting $18.18 million on July 31 and now holding $11.37 billion in assets, representing 2.52% of ETH’s market cap. Meanwhile, Grayscale’s ETHE reported $6.8 million in withdrawals, though its $4.22 billion asset base shows its continued relevance. Fidelity’s FETH recorded a $5.62 million boost, bringing its net assets to $2.55 billion.

The momentum is striking when viewed against historical trends. The last recorded outflow was on July 8, after which funds posted some of their largest single-day gains, including $726.7 million on July 16, $602 million on July 17, and $533.8 million on July 22. These inflows helped Ethereum ETF assets climb to $21.52 billion, roughly 4.77% of the cryptocurrencys market cap.

Ethereum Price Action

Despite the ETF-fueled demand, ETH slipped 2.4% in the last 24 hours to around $3,786, following a brief rally to $3,933 earlier this week. However, the token is up 53% in the past 30 days, outpacing Bitcoin’s rangebound movement between $116,000 and $119,000.

Industry analysts see these ETF flows as structurally bullish. Recently, QCP Capital cautioned that overheated funding rates could introduce near-term resistance around $4,000, but it stressed that continued institutional demand, paired with corporate treasuries like SharpLink Gaming and BitMine accumulating billions in ETH, may underpin further upside.

Meanwhile, on July 31, the total value traded across ETH ETFs stood at $1.28 billion. If this pace holds, it could help ETH challenge its November 2021 all-time high of $4,878 sooner than expected, potentially cementing its role as the frontrunner in an altcoin-led cycle.