US spot ethereum ETFs ended October with a modest inflow of nearly $16 million last week, bringing the month’s total to $569.9 million and marking seven straight month of positive flows, its longest streak to date.

Cumulative inflows stand at nearly $14.4 billion, data from SoSoValue shows.

Ethereum was around the $1,800 level at the beginning of the streak in April and has roughly doubled to trade at around $3,600 Monday morning. That said, the cryptocurrency is far below its all-time high of $4,946 set two months ago. 

“Seven straight months of ETF inflows is a solid trend. It shows consistent institutional interest rather than a one-off spike,” according to RedStone cofounder Marcin Kaźmierczak. 

The new record comes as BitMine Immersion Technologies, the largest ethereum treasury firm, announced acquiring an additional 82,353 tokens worth $307 million last week. The firm’s stockpile of ethereum now has 3,395,422 tokens, or 2.8% of the supply, per a Monday press release.

“When major players commit capital over extended periods, it creates a foundation for the next phase of DeFi and blockchain integration into mainstream finance,” Kaźmierczak told Sherwood News. “The consistency matters more than any single data point. These aren’t fair-weather investors — they’re positioning for where they think the technology is headed.” 

Nicolai Søndergaard, an analyst at blockchain data firm Nansen, told Sherwood the developments signal “an increased appetite to explore other assets aside from bitcoin.”

One reason ethereum ETFs’ streak extended stems from “a continuous expectation that there will be more regulation across crypto, which will allow companies to invest in crypto in new ways,” Søndergaard said.

Meanwhile, researchers at the Ethereum Foundation said in an All Core Devs call last week that ethereum’s next upgrade, aimed at making the network faster and cheaper, will be coming to mainnet on December 3. The upgrade is ethereum’s second one this year, with the last occurring in May. 

“I’m not sure if it’ll have an effect on price, but it is a positive development for the chain and layer-2s,” Søndergaard added.