Spot Ethereum exchange-traded funds (ETFs) in the U.S. closed 2024 with a bang, recording over $2.08 billion in net inflows in December, marking a historic high for the asset class. This nearly doubles November’s net inflows of just over $1 billion, according to data from SoSoValue.
BlackRock’s ETHA fund led the charge, accumulating a staggering $1.4 billion in net inflows, with 13 consecutive days of positive momentum. Fidelity’s FETH fund followed with an impressive $752 million in inflows.
Conversely, Grayscale’s ETHE fund bucked the trend, reporting net outflows of $274 million for the month.
“The significant inflows into spot ETH ETFs can be attributed to the new year bringing in fresh funds, the expiration of last year’s positions, and shifting market expectations,” said Nick Ruck, director at LVRG Research. Ruck also noted renewed interest in decentralized finance (DeFi) and AI applications within the Ethereum ecosystem.
The December inflows pushed cumulative net inflows for spot ether ETFs to over $2.6 billion, with total net assets reaching $12.12 billion equivalent to more than 3% of Ethereum’s total market capitalization.
The surge coincided with Ethereum’s mid-December rally above $4,000, though the cryptocurrency later settled near $3,500 by month’s end.
While Ethereum ETFs stole the spotlight, spot Bitcoin ETFs also maintained robust activity, with $4.5 billion in net inflows for December. This figure, though significant, fell short of November’s record-setting $6.4 billion inflow.
Bitcoin ETFs ended 2024 with cumulative net inflows totaling $35.24 billion and total net assets of $105.4 billion, representing approximately 5.7% of the entire Bitcoin market cap.
Bitcoin reached a historic high of $108,135 on December 17, fueled by substantial TradFi (traditional finance) inflows. “As has been the case throughout the year, TradFi inflow remains the dominant factor behind spot performance,” said Augustine Fan, Head of Insights at SOFA.org.
As both Bitcoin and Ethereum ETFs continue to attract significant institutional attention, analysts expect these vehicles to play a critical role in shaping the broader cryptocurrency market throughout 2025.
