Ethereum spot ETFs recorded their longest streak of positive inflows this year. 

Between May 16 and Friday May 30, spot ethereum ETFs haven’t had a negative day and total flows in the period exceeded $556 million, according to crypto research platform SoSoValue. 

The price of ethereum has remained flat in the last 24 hours, but has risen 38% in the last 30 days to trade at the $2,500 level, outpacing bitcoin, XRP, solana, and dogecoin, per CoinGecko. Ethereum now has a market capitalization of $308 billion. 

The last time ethereum registered at least 10 days of positive inflows was in December 2024 when the cryptocurrency was trading close to $4,000. 

The recent flows into spot ethereum ETFs “reflect a broadening base of investors (quite likely non-crypto natives) who are coming around to understand the value of the Ethereum network,” Jim Hwang, COO of crypto investment firm Firinne Capital, said to Sherwood. 

Glenn Rosenberg, an independent crypto advisor and former COO of ML Tech, said the inflows suggest growing evidence of portfolio rebalancing from bitcoin to ethereum. 

Bitcoin saw outflows of more than $974 million on Thursday and Friday. On Friday, BlackRock’s spot bitcoin ETF saw $430.8 million in outflows, while the asset manager’s spot ethereum ETF saw $70.2 million in inflows, per SoSoValue.

“Analysts have flagged ongoing capital rotation from BTC to ETH, supported by the contrast between outflows in BTC ETFs and consistent inflows into ETH ETFs.” Rosenberg told Sherwood. “This shift points to early rebalancing strategies as Ethereum vehicles gain traction.” 

Rosenberg also highlighted combined ETF allocations that mix ethereum and bitcoin such as Hashdex’s product. “These trends suggest that institutional and retail investors are beginning to adjust their crypto exposure, using spot ETH ETFs to bring portfolios closer to long-term target weights,” Rosenberg said. 

Cumulative net inflows of spot ethereum ETFs stand over $3 billion with ETFs from BlackRock and Fidelity leading the pack at $4.6 billion and $1.5 billion, respectively. Meanwhile, Grayscale’s ETF has seen the most outflows at roughly $4.3 billion, data from SoSoValue shows. 

The inflows come as sportsbook marketing firm SharpLink Gaming announced last week it is embracing an ethereum treasury strategy. Last Friday, an SEC filing stated the firm intends to sell around $1 billion in shares of its common stock to acquire ethereum.