Strong influx of funds into Spot Ethereum ETF, the $4 billion mark has been突破.

Since its launch, the Ethereum Spot ETF has shown remarkable growth momentum. As of June 23, the cumulative net inflow of funds for these products has surpassed the $4 billion mark, and this achievement was realized in just 11 months.

These ETF products made their market debut on July 23 last year. After 216 trading days, by May 30, their cumulative net inflow had reached $3 billion. Surprisingly, in just the following 15 trading days, these products attracted an additional $1 billion in funds. As of the market close on June 23, their total net subscription amount had climbed to $4.01 billion.

It is worth noting that these last 15 trading days, although they account for only 6.5% of the entire trading history, have contributed 25% of the total funds invested so far, indicating a significant acceleration in the speed of capital inflow.

Among the main drivers of this growth, the iShares Ethereum Trust (ETHA) leads with a total inflow of $5.31 billion, followed closely by the FETH from a certain trading platform, which contributed $1.65 billion, while Bitwise's ETHW increased by $346 million.

At the same time, a traditional ETHE trust from a certain platform (converted to an ETF upon launch) recorded an outflow of $4.28 billion during the same period. This reciprocal situation highlights a significant shift in investor preferences.

Daily capital flow data further corroborates this trend. On just June 11, ETHA attracted over $160 million in funds. Between May 30 and June 23, the trust had five trading days where the daily capital inflow exceeded $100 million, demonstrating strong capital-raising ability.

ETHA and FETH charge a management fee of 0.25%, which is in line with the industry median and significantly lower than the 2.5% rate of ETHE. This competitive pricing strategy, combined with established primary market relationships, continues to attract capital flows to these emerging ETF products.

Industry experts analyze that there are three main factors driving the surge in capital inflows in June: first, the rebound of ETH prices relative to BTC; second, the U.S. Internal Revenue Service's clearer tax guidance on staking income in grantor trust ETFs; and finally, the large-scale rebalancing operations conducted by multi-asset allocation investors also played a role. These investors tend to view Ethereum as an extension of their portfolio rather than purely a speculative bet.

As the deadline for the submission of the next quarter's 13F filings approaches in mid-July, we will have a clearer understanding of whether professional investment managers have joined this wave of capital influx. Data as of March 31 shows that these institutional investors account for less than 33% of Spot Ether ETF assets, indicating that there is still significant room for increased institutional participation.

As retail investors continue to favor low-cost ETF products, widespread participation from institutional investors may bring more liquidity and stability to the market. In the future, as the regulatory environment becomes clearer and market education deepens, we may see more institutional investors entering this space, thereby promoting further development of the Ethereum ETF market.