U.S. spot Ethereum ETFs recorded a combined net inflow of $121.02 million on their second trading day, with BlackRock’s ETHA leading the group at $80.5 million, while about 140,000 ETH were also withdrawn from exchanges over the past four days.

BlackRock’s ETHA accounted for the largest share of the day’s inflows at $80.5 million. Grayscale Mini ETH brought in $16.23 million, Fidelity’s FETH added $8.86 million, and 21Shares’ TETH posted $6.47 million in net inflows. Invesco’s QETH was the only fund in the report to show a net outflow, at $5.43 million.

The figures point to a positive second day for the new U.S. spot Ethereum ETF market, with net demand spread across several products but led decisively by BlackRock’s fund. The available data does not provide a fuller breakdown for every issuer beyond the named funds, and no broader multi-day trend is confirmed here beyond the second session.

Separately, around 140,000 ETH, valued at roughly $350 million, were withdrawn from exchanges over the last four days. The report cited crypto analyst Ali Martinez, who said the movement suggested a stronger tendency among investors to hold their assets rather than keep them on trading venues.

Exchange withdrawals are often tracked as a sign of reduced immediately available sell-side inventory, although the data alone does not establish investor intent or guarantee a lasting supply squeeze. The report also does not specify which exchanges were included or the exact measurement source for the four-day outflow figure.

Why It Matters

This combination of ETF inflows and exchange outflows is closely watched because it links two parts of the Ethereum market: regulated investment demand and on-exchange token supply. If both trends persist, they could strengthen the case that part of Ethereum’s spot market is being absorbed through ETF channels while fewer coins remain readily available on trading platforms.

The issuer breakdown also matters for market structure. Strong inflows into one or two funds can shape where liquidity, attention, and institutional access concentrate in the early phase of spot Ethereum ETF trading, even if the overall category is attracting capital.