Ethereum Spot ETF Inflows and Outflows

Ethereum spot ETF flows track money moving into and out of the US-listed funds that hold ether directly. A net inflow means new fund shares were created, which the issuer backs with additional ETH. A net outflow means shares were redeemed and the fund’s ether holdings shrank. Daily figures are shown per fund, and the total sums every tracked ETF.

How the flow figures are calculated

These figures are derived from the change in each fund’s shares outstanding and its closing price:

Daily flow = (shares outstanding today − shares outstanding prior day) × closing price

Hypothetical example: a fund’s shares rise from 100.0 million to 101.5 million and it closes at $20, so the estimated inflow is 1.5 million × $20 = $30 million. Some trackers report flows in ETH units instead of US dollars, so totals from different sources may not match even when they describe the same creations.

Reading flows next to volume and assets

Volume is not flow. Trading between investors on the exchange leaves shares outstanding unchanged. Only creations and redemptions move the flow figure, so a fund can trade heavily on a day it shows zero flow.

Cumulative flow is not net assets. Cumulative net flow adds up the dollars that entered or left since the funds launched on July 23, 2024. Total net assets value current holdings at today’s ETH price, so they rise and fall with the market even when no money moves.

What moves flows between funds

Fees vary widely across the group. Grayscale’s ETHE charges 2.50%, while its Mini ETF (ticker ETH) charges 0.15%, and most other funds sit between 0.19% and 0.25%. An investor switching from one fund to another shows up as an outflow in the first and an inflow in the second, leaving the total unchanged.

Limits of the data

Shares outstanding are published with a delay, so a creation can appear a day late and the latest figures may be revised. Flows describe fund-level creations, not total spot demand for ether.