Ethereum ETFs See Four-Day Inflow Streak as BlackRock Dominates, But Treasury Firms Retreat
Published on 07/23/2026 at 07:42 | Redaktion boerse-global.de
Ethereum is navigating a period of stark contradictions. The cryptocurrency just closed three consecutive quarters in the red — a first in its history, with losses of 28%, 29%, and 25% — yet fresh data points to pockets of institutional demand that could signal a turning tide. US spot Ether exchange-traded funds have logged four straight days of net inflows, driven overwhelmingly by BlackRock, even as a separate cohort of corporate Ethereum buyers has dramatically scaled back its exposure.
ETF Momentum Builds After a Brutal Quarter
The inflow streak began in earnest on July 21, when spot Ether ETFs collectively pulled in $37.47 million, according to Farside Investors. BlackRock’s iShares Ethereum Trust (ETHA) accounted for $52.79 million of that total, while Fidelity’s Ethereum Fund (FETH) posted an outflow of $15.32 million on the same day. The pattern repeated the following session: on July 22, net inflows reached $72.7 million, with ETHA contributing $53.5 million and FETH adding $19.2 million. By July 23, SoSoValue data showed another $72.64 million entering the funds, again led by ETHA with $53.47 million.
Over the seven days ending July 21, cumulative net inflows into Ether ETFs stood at $196.4 million — a sharp reversal from the prior week, when a single trading day saw $159.2 million exit the products. That outflow day was led by $107.7 million leaving ETHA and $31.7 million from Grayscale’s ETHE.
BlackRock’s dominance in the Ether ETF space is unmistakable. The firm’s ETHA fund now holds cumulative net inflows of $13.09 billion against a net asset value of $11.47 billion. For context, BlackRock’s Bitcoin equivalent, IBIT, has attracted $63.12 billion in cumulative inflows and manages $72.76 billion in assets. The asset manager is also doubling down structurally: it registered the iShares Staked Ethereum Trust ETF in Delaware in November 2025, entering a race with REX-Osprey, which launched its staking ETF (ESK) in September, and Grayscale, which activated staking functionality in October.
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A Diverging Institutional Picture
While ETF demand is recovering, the so-called Ethereum treasury companies are heading in the opposite direction. Bitwise analysts warn that Ether purchases by these firms have collapsed by 81%, falling from 1.97 million ETH in August to just 370,000 ETH in November. Bitmine alone holds 3.73 million ETH — roughly $13 billion — more than all 68 other treasury firms combined. “The exit is underway,” said Max Shannon of Bitwise, cautioning that smaller treasury firms could face a downward spiral if the trend persists.
The broader ETF universe currently manages $10.48 billion in Ether exposure, representing 4.51% of the total market capitalization. Since their launch, the products have accumulated $11.16 billion in net inflows.
Price Action and Technical Crosscurrents
Ethereum was trading at $1,918.17, roughly 26.86% above its 52-week low of $1,512.07 set in early June. Over the past 30 days, the token has gained 11.09%. Still, it remains 11.45% below its 200-day moving average, underscoring the lingering downtrend. The all-time high of $4,946 from August 2025 is nearly 61% away.
Analyst MCO Global identified a critical support level at $1,842. Holding above that mark could open the door to moves toward $2,045 and $2,226, while a breakdown might trigger declines into the $1,763 to $1,588 range. On the bullish side, the staking ratio hit a record 33.9%. The relative strength index sits at 64.7, showing growing buying momentum without entering overbought territory.
Notable market participants are taking advantage of the consolidation. According to Lookonchain data, investor Arthur Hayes added 1,332.5 ETH — worth roughly $2.53 million — to his position on July 22.
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Development Roadmap Shifts as New Infrastructure Emerges
On the technical front, Ethereum’s development timeline is adjusting. The “Glamsterdam” protocol upgrade, previously expected earlier, has been officially pushed to the third quarter of 2026. Developers are instead prioritizing Layer-2 scaling solutions and network resilience. The subsequent “Hegotá” upgrade will follow, with developers able to submit proposals to the Ethereum Magicians forum from January 8 to February 4.
Meanwhile, the Ethereum Foundation’s security team has begun deploying AI agents to pre-screen vulnerabilities in code repositories and test networks, though human reviewers retain final approval. Consensys CEO Joe Lubin has characterized recent budget cuts and personnel departures at the Foundation not as a crisis but as a necessary evolution toward a more decentralized institutional structure.
In a parallel development, former Ethereum Foundation members have launched “Ethereum Institutional,” a dedicated access point for large institutions seeking direct connections to the network’s core infrastructure, backed by Lubin. The initiative arrives as the network’s development roadmap shifts, creating a complex backdrop for the ETF-driven demand revival. Whether the inflows can sustain themselves will likely hinge on whether Ether can break through resistance near $1,935.
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