Over the past year, the journey of spot Ethereum ETFs has been filled with dramatic ups and downs, from sluggish beginnings with minimal investment influx to periods of outflows and finally, massive positive monetary inflows. Despite their fluctuating performance, these products have significantly contributed to institutional adoption of cryptocurrencies.

As reported by CryptoPotato at the time of their launch, the collective nine products accrued a positive flow of $106 million on the first day. Influential outflows from Grayscale’s Ethereum Trust (ETHE) totaling over $484 million significantly impacted these inflows.

At the forefront was BlackRock’s spot Ethereum ETF (ETHA) which recorded an inflow of $266 million on the first day and continues to lead the pack. Bitwise’s ETHW and Fidelity’s FETH followed with inflows of $204 million and $71 million respectively. Other funds from asset management firms like 21Shares, Invesco, VanEck, and Franklin Templeton saw inflows between $13 million and $7.5 million.

Comparing the most recent trading day with the debut of these funds, the progress made by these funds is substantial. As of Friday, July 18, the ETFs collectively pulled in over $402 million in inflows. Interestingly, this is not the highest recorded inflow for these products.

The spot Ethereum ETFs amassed their highest ever inflow of over $726 million on July 16, according to data from CoinGlass. The very next day, they recorded their second-largest daily inflow of $602 million. Since July 5, these funds have maintained a consistent inflow streak for 11 days, accumulating over $2.8 billion.

BlackRock continues to dominate with total assets under management (AUM) standing at $7.92 billion. ETHE follows closely with an AUM of $3.46 billion.

However, the journey for these ETFs hasn’t been smooth sailing, especially considering Ethereum’s subpar performance in this cycle. Despite a strong start, the following trading days saw worrying outflows with investors purchasing less ETH than anticipated.

While Grayscale’s Trust continued to experience outflows, other products struggled to compete. This trend persisted until mid-November when the funds began an 18-day streak of positive inflows, which was later surpassed by a 19-day streak ending on June 12.

With investors continuing to show strong interest in ETH, it’s anyone’s guess what the next year holds for spot Ethereum ETFs.

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According to data gathered from SoSoValue, these ETFs amassed an impressive $2.21 billion in combined inflows on Thursday and Friday, with $1.18 billion on Thursday and $1.03 billion on Friday. This marks the highest level of inflow within a two-day period since these funds began trading in January 2024.

Industry leader BlackRock’s IBIT fund was the main beneficiary of this surge, pulling in $953.5 million on Friday alone, which accounts for 95% of the total inflows. Having recently become the fastest ETF to reach $80 billion in assets under management, IBIT continues to outperform its peers. Notably, it is more than double the size of the second-largest fund, Fidelity’s FBTC.

Bitcoin’s price peaked at around $118,500 on Friday, establishing a new all-time high, before falling slightly to $117,400 on Saturday.

Despite Ethereum ETFs not matching Bitcoin funds in reaching a new high for total net asset value, they set a new record with a six-day inflow streak, reaching a high of $5.31 billion in total net inflows. BlackRock’s ETHA fund remains the largest spot Ethereum ETF in the market, with an AUM of $6.14 billion.

Experts suggest this shift may be indicative of growing confidence in BTC as a regulated, long-term asset akin to gold. However, this momentum may cool if the July 15 CPI data triggers profit-taking due to macro uncertainty.

Disclaimer: This article is intended for informational purposes only and should not be used as legal, tax, investment, financial, or other advice.

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According to a wave of regulatory documents, these firms updated their S-1 filings, a registration statement necessary for an ETF to get SEC approval for public trading. Fidelity also submitted its Solana Fund S-1, marking the company’s first S-1 filing for a spot Solana ETP, as confirmed by an industry insider.

Just this week, it was reported that the SEC had asked several potential Solana ETF issuers to update their S-1s. Eric Balchunas, a Bloomberg ETF analyst, suggested this could mean the agency is more likely to approve some of these products, estimating a two to four-month timeline for spot SOL ETFs to launch.

The SEC reportedly asked issuers to revise the language around in-kind redemptions and their staking approach. Lobbyists have been pushing for the approval of Ethereum and Solana staking ETFs, which would allow holders to earn staking yield. VanEck included staking in its proposed Solana ETF in its revised statement.

While the SEC has greenlit spot Bitcoin and Ethereum ETFs as well as some mixed crypto-equity funds, it has shown reluctance towards approving products that follow alternative tokens, despite numerous filings for products like Avalanche, Dogecoin, and Hedera funds. The agency recently postponed decisions on several such products and solicited public opinion.

Experts suggest that Solana stands a better chance of approval under a more amenable SEC administration, especially considering the recent listing of SOL futures by CME, a step not essential but generally viewed as advantageous in the ETF listing process.

ETF issuers like VanEck and 21Shares have urged the SEC to adhere to its typical “first-to-file approach,” which approves product proposals on a first-come, first-serve basis.

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According to the Glassnode report from May 29, “The typical investor in the Ethereum ETFs from BlackRock and Fidelity is now notably in the red on their investment, with an average unrealized loss of approximately -21%.”

At present, Ether (ETHUSD) is trading at $2,601, as per data from CoinMarketCap. In contrast, the cost basis of BlackRock’s spot Ether ETF stands at $3,300, while Fidelity’s is slightly higher at $3,500.

Glassnode’s report highlights that the last time Ether traded above $3,000 was on February 2, before the crypto faced a downturn following the implementation of import tariffs on goods from China, Canada, and Mexico by then US President Donald Trump.

Glassnode further noted, “Net outflows started to speed up when the spot price fell below this average ETF investor cost-basis level in August 2024, and again in January and March 2025.” Ether hit its annual low of $1,472 on April 9, the very day when Trump’s comprehensive global tariffs came into effect.

Despite this, Ether has seen a 44.25% increase over the past month, and spot Ether ETFs have recorded nine straight days of inflows totaling $435.6 million since May 16, suggesting that the trade war concerns are starting to lose steam.

Since the launch of spot Ether ETFs in the US in July 2024, they have logged $2.94 billion in total inflows. On their launch day, Ether was trading around $3,536.

Glassnode also revealed that the ETFs had a minimal effect on Ether’s spot price, stating, “The Ethereum ETFs initially represented just ±1.5% of the trade volume in spot markets, indicating a rather tepid reception at launch.”

However, they experienced a period of stronger growth in November 2024, where the measure increased to over 2.5% – a rise in tandem with Trump’s election victory and a subsequent month-long crypto market rally that saw Ether peak at $4,007 on Dec. 8.

The report concluded with a note that Robbie Mitchnick, BlackRock’s head of digital assets, mentioned at the Digital Asset Summit on March 20 that the spot Ether ETF is “less perfect” without staking.

Disclaimer: This article does not provide investment advice or recommendations. Investing and trading involve risk, and readers should conduct their own research before making any decisions.

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Simultaneously, Bitcoin’s 30-day price volatility against the US dollar has been gradually decreasing. Data from BitBo and TheBlock reveal that BTC volatility has been on a steady decline since 2011, and particularly since 2021.

Low volatility can be interpreted as bearish for cryptocurrencies and stocks as prices tend to fluctuate more during bull markets and correct more abruptly. As a consequence, low volatility might be seen as a sell or wait signal by some traders. However, this record low in volatility coincides with a robust BTC rally backed by Wall Street funds and crypto exchanges, making it challenging to label it as a bearish indicator.

Instead, the diminished BTC volatility might be a reflection of Bitcoin’s massive market cap, approaching the $2 trillion mark at the start of May, leading to smoother liquidity. The impact of large-scale participants, or whales, on the overall market has significantly diminished.

This is a positive development for Bitcoin, indicating the network’s rapid capitalization growth, transforming it from a small, volatile boat in the ocean to a large, steady, and dignified vessel.

A 2024 study by Fidelity Digital Assets highlighted some intriguing facts about Bitcoin’s price volatility. It stated, “Bitcoin is volatile, but less so than many popular mega-cap stocks.” The Boston-based investment giant also noted, “Bitcoin is currently less volatile than 33 S&P 500 stocks, and as recently as late 2023, there were 92 S&P 500 stocks more volatile than bitcoin.”

The report accurately predicted, “Bitcoin’s volatility has declined and is expected to continue doing so.” Meanwhile, Bitcoin’s price has been on an upward trajectory since hitting a low of under $75,000 in early April, now teetering on the brink of $100,000.

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In a post dated Feb 1, Hougan wrote, “Spot Bitcoin ETFs attracted $4.94 billion in January. If annualized, this could reach approximately $59 billion. For context, these ETFs amassed $35.2 billion throughout 2024.” He also noted the significant month-to-month volatility but remained optimistic that Bitcoin ETFs would exceed $50 billion by the end of 2025.

Last December, Hougan and Ryan Rasmussen, Bitwise’s head of research, forecasted that Bitcoin ETF inflows in 2025 would outstrip those in 2024. They revealed that the funds ended 2024 with $33.6 billion in inflows, far surpassing analyst expectations of $15 billion at their launch in January 2024.

Leading the inflows in January was BlackRock’s iShares Bitcoin Trust ETF (IBIT), which raked in a total of $3.2 billion. It was followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which had a net inflow of nearly $1.3 billion, according to data from Farside Investors.

Meanwhile, Bitwise’s own Bitwise Bitcoin ETF (BITB) secured the fifth-largest net inflow in January among the 11 ETFs, attracting over $125 million. This was behind the Grayscale Bitcoin Mini Trust ETF (BTC), which amassed around $398.5 million.

In their December report, Hougan and Rasmussen predicted that 2025 would see larger Bitcoin ETF inflows as institutional investors seek to increase their allocations. They also anticipated a shift in the behavior of the world’s largest wirehouses, who have mostly been denied access to Bitcoin ETFs, potentially unlocking trillions of dollars for these funds.

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The unexpected outflow occurred amidst a backdrop of market anticipation for improved net flows following Genesis, a bankrupt crypto lender, announcing its completion of a multi-billion-dollar offloading of GBTC shares. Market analysts and traders are now closely watching Bitcoin’s price movement for signs of recovery or further declines, with some predicting a potential dip to $60,000 or lower before any significant recovery. The cryptocurrency community remains divided on the short-term direction of Bitcoin’s price, with various factors such as profit-taking and the upcoming U.S. tax day potentially influencing investor decisions.

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Coinbase Introduces Conversion Fees on Large Transactions

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, is set to implement conversion fees for transactions exceeding $75 million, starting February 5th. This change primarily affects USDC to USD conversions, with exceptions for certain members of the Coinbase Exchange Liquidity Program. This move by Coinbase could have significant implications for large-scale traders and institutions, reflecting an evolving approach to transaction fee structures in the cryptocurrency exchange landscape.

Fidelity Bitcoin ETF Gains Traction Amid GBTC Outflows

Fidelity’s spot Bitcoin ETF is witnessing increasing inflows, signaling a shift in investor preferences. On January 29th, the ETF reportedly garnered $208 million in inflows, surpassing the outflows from Grayscale Bitcoin Trust (GBTC). This development is particularly notable as it marks one of the few occasions where inflows into Fidelity’s ETF have exceeded GBTC’s outflows since its conversion to a spot Bitcoin ETF. These market movements indicate a potential “shifting tide” for Bitcoin ETFs and highlight changing investor sentiments in the crypto asset management space.

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Analysis: The introduction of Bitcoin ETFs by major financial institutions like Fidelity and Galaxy Digital could lead to increased institutional investment in the cryptocurrency market. This move is expected to bring more stability and maturity to the market, potentially leading to higher investor confidence and increased prices. However, it also raises questions about market volatility and regulatory challenges.

Impact on the Crypto Market: The launch of Bitcoin ETFs could lead to a surge in Bitcoin’s price as it becomes more accessible to a broader range of investors. It might also pave the way for other cryptocurrencies to be included in similar financial products, further integrating the crypto market with traditional finance.

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In the last 24 hours, Dogecoin, the internet’s favourite meme coin, has shown an increase of nearly 5%.

Notably, a sizable cache of Dogecoin was moved today, transporting nearly $20 million worth of the popular digital canine currency. The transaction occurred about two hours ago, causing ripples in the crypto market.

As reported by @DogeWhaleAlert in a recent tweet, a staggering 306,260,470 DOGE was shuffled between internal wallets of the Binance exchange. Such transactions are commonplace, particularly when exchanges establish new cold wallets or carry out other operations involving stored funds.

Dogecoin’s Market Movement

Just before this significant transaction, Dogecoin soared by nearly 5%, riding the coat tails of Bitcoin, the leading digital currency. Currently, DOGE is hovering at around $0.06417.

Meanwhile, Bitcoin has gained a solid 7.92% in the last 24 hours, reclaiming the $28,000 mark and inching towards $29,000. This boost was catalysed by the announcement that major Wall Street financial firms — Fidelity, Charles Schwab and Citadel Securities — are extending their support to EDX, a newly inaugurated crypto exchange.

Adding to the excitement, there are whispers that Fidelity intends to apply for a Bitcoin spot ETF, emulating the recent actions of the world’s largest fund manager, BlackRock.

Ethereum’s Market Status

In related news, Ethereum has also reclaimed the $1,820 level and is currently trading at $1,828, according to data provided by CoinMarketCap.

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