Ethereum ETFs extend inflow streak despite token bleed

Ethereum exchange-traded funds (ETFs) defy broader market downturn, holding steady with fresh inflows despite token’s struggles.On June 5, 2024, Ethereum ETFs recorded total inflows of $11.3 million, according to data from SosoValue. This marked the continuation of a positive trend that began earlier in the week, pushing their inflow streak to 14 consecutive days.However, the latest numbers reflected a notable drop from previous days. BlackRock’s ETHA was solely responsible for all the inflows, pulling in approximately $34.7 million. Offsetting the gains, Fidelity’s FETH recorded outflows of $23.4 million, while other issuers saw no activity.Still, the performance marked a win for the funds, especially when compared to ETH’s recent price action. Trading at hands at $2,478 at press time, the token is down approximately 6% in the past two weeks. ETH now sits roughly 33% below its 2025 high of around $3,700, reached earlier in January. Despite a few short-lived rallies sparking hopes of a recovery, the token has largely struggled as macroeconomic factors and fading investor confidence threaten its upward momentum.Meanwhile, Bitcoin ETFs failed to mirror their ETH counterparts, shedding $278 million in outflows on the same day. This was likely triggered by Thursday’s sharp price drop, which followed the headline-grabbing feud between US President Donald Trump and tech CEO Elon Musk.BTC led a broader market decline, slipping 3% and falling back to the $100,000 price range. In the bigger picture, Bitcoin ETF flows have swung inconsistently between inflows and outflows in the past weeks, reflecting continued investor uncertainty around the token’s performance.As Ether ETFs uphold their positive performance, issuers are loading up on the token. On June 3, on-chain analytics revealed that BlackRock purchased $50 million worth of Ether. Additionally, market confidence hasn’t completely waned despite the token’s price woes, and recent remarks by co-founder Vitalk Buterin chart a positive outlook for the broader ecosystem.