Ethereum ETF inflows hit $216 million as Fidelity gains ground

Institutional demand returns to Ethereum

U.S. spot Ethereum ETFs drew $216.41 million in net inflows on September 11, hitting a high since August 27. This surge followed a $24.29 million net outflow on September 8, which concentrated almost entirely in Grayscale’s funds. The $24.29 million net outflow on September 8, which concentrated almost entirely in Grayscale’s funds, is only 3% of the massive inflows the funds collected during the record-breaking five-day period in late August alone. Grayscale’s ETHE recorded a $9.57 million outflow while its Mini Trust lost $24.61 million. Fidelity’s FETH grew by $9.89 million during that same session, which helped offset part of the losses seen in Grayscale’s funds. BlackRock’s ETHA recorded no net outflow on that day. These figures show that Grayscale’s specific redemption patterns do not dictate the entire market’s direction. During the week of August 24 to 28, the funds added $824.41 million, including $115.57 million on Monday, $179.80 million on Tuesday, $192.35 million on Wednesday, $234.51 million on Thursday, and $102.18 million on Friday. The following week, August 31 through September 4, added another $218.40 million. BlackRock’s ETHA and Fidelity’s FETH led the $141.39 million inflow on September 3. This follows an earlier period in July when the funds recorded $196.4 million in net inflows between July 14 and July 21.

Fidelity scales AUM against BlackRock

Fidelity’s FETH holds $1.28 billion in assets and recently saw its AUM climb toward $6 billion, overtaking BlackRock’s ETHA for the first time. This shift follows heavy institutional rotation. BlackRock’s ETHA is the largest fund with $8.60 billion in assets and $11.4 billion in cumulative net inflows since launch. FETH has attracted approximately $2.13 billion since it began trading on July 23, 2024. Most competitors set expense ratios between 0.15% and 0.25%. Grayscale’s ETHE continues to struggle because its 2.50% fee drives investors toward cheaper alternatives. ETHE has lost $5.39 billion in cumulative outflows since its conversion. I find the fee gap between the leading products and legacy trusts like ETHE quite stark. You should watch how these fee wars affect the smaller issuers like Invesco or 21Shares. For example, Franklin’s EZET has approximately $67.65 million in net inflows, while Invesco’s QETH holds about $23.20 million, and BlackRock’s ETHA has captured roughly 47% of total cumulative net inflows as of May 23, 2026.

Price resistance and the staking factor

Ethereum price reached $2,665 on September 11 before pulling back to $2,515. Analysts identify a supply wall between $2,700 and $2,800. This zone contains over 10 million ETH in trading volume. Staking remains a driver for new interest. The March 2026 regulatory guidance from the SEC and CFTC classified staking rewards as non-securities. This change allows issuers to offer protocol rewards that could improve the total return profile for holders. BlackRock’s ETHB already uses these mechanics, though the fund retains 18% of gross staking rewards as a fee. Approximately 32% of the total ETH supply, or 40.3 million ETH, is locked in staking contracts. The current Ethereum staking reward rate is in the high-2% to low-3% range. BlackRock’s staked product reported an activation queue of about four million ETH and an exit queue of approximately 20,700 ETH as of February 5, 2026. Will the market sustain these inflows if price action fails to breach the $2,800 resistance?