Ethereum ETF Inflows: FETH Takes $89M in 8 Straight Days

Are Ethereum ETFs seeing inflows?

Not as a group. US spot Ether ETFs are net −$1.45 billion for October through Thursday the 29th, and only 3 of the month's 21 sessions closed with a net inflow, per SoSoValue data. This week is −$275.7 million through Thursday; the day-by-day table is in this week's Ethereum ETF flows.

One fund is the exception. Fidelity's FETH has taken in money for eight sessions in a row, from October 20 through October 29, for +$89.0 million. Over the same eight sessions BlackRock's ETHA redeemed −$452.3 million, and the category as a whole lost −$393.0 million. On October 21, the one positive day of that stretch for the category, the Grayscale Ethereum Mini Trust led with $28.1 million and FETH followed with $13 million, as The Block reported from the same data.

Which Ethereum ETFs are getting inflows?

Three funds are positive for the month. Everything else, led by ETHA, is negative:

Source: SoSoValue, via Pre-Tick's daily sync. Smaller funds (ETHW, ETHV, EZET, TETH, QETH) are a combined −$31.2M.

FETH's October was not clean. It lost −$59.6 million over the first four sessions, then turned. Its month-to-date +$39.5 million is the net of that early selling and the eight-day run since.

Why are Ethereum ETFs seeing outflows when FETH has inflows?

Because the outflow is mostly one fund. ETHA accounts for 93% of October's −$1.45 billion and has posted no inflow on any day this month: 18 outflow sessions and 3 flat ones. That is the pattern traced in Ethereum ETF outflows, and it has not changed since.

The two funds are the same product at the same price. Both hold spot ether and both charge 0.25% a year, per their SEC filings, so a holder does not save on fees by switching from ETHA to FETH. The likelier reading is that the selling comes from a small number of large ETHA holders reducing ether exposure, while a different, smaller group, possibly advisers on Fidelity's own platform, keeps adding through FETH. Flow data shows net creations and redemptions, not who placed them, so that explanation is our inference rather than a fact in the data.

The gap in scale matters. FETH's eight-day run would offset less than one and a half average ETHA days (−$64 million a session across October's 21). Category assets are $13.98 billion, with cumulative net inflows since launch down to $12.44 billion.

What it means for investors

For the category to turn, ETHA has to stop redeeming; FETH alone is too small to move the total. The signal to watch on Pre-Tick's flows table is the first ETHA inflow day of the month, or FETH's streak breaking, which would mean the selling has spread beyond one fund's holders.

For anyone choosing between the two, equal fees mean ETHA vs FETH comes down to size and trading depth, which favor ETHA, and our guide to expense ratios and liquidity explains how to weigh them. Redemptions do not move a fund's price away from its holdings: authorized participants arbitrage the gap, so ETHA's outflows show up in its share count, not in a discount.

The open is where both funds carry a cost that flows do not show. Ether trades overnight while the funds are shut, so the 9:30 a.m. print absorbs the move. Across 60 sessions from August 5 to October 28, Pre-Tick's pre-market estimate landed a median 0.087% from ETHA's official open and 0.058% from FETH's, against about 1.2% for the prior close, per /accuracy. This is market analysis, not investment advice.