Ethereum spot ETF net inflow for the year is $9.686 billion, why is it far less than half of Bitcoin's?

2025 US Ethereum Spot ETF delivered a lukewarm performance. According to Farside Investors monitoring, the total net inflow for the year was $9.6863 billion, which seems substantial, but compared to the $22.9426 billion in Bitcoin spot ETFs during the same period, Ethereum’s attractiveness has clearly declined. More notably, the capital flow exhibits a typical “high at the beginning, low at the end” pattern—after summer frenzy, investors started to withdraw at year-end.

Monthly Data Overview: Summer is the Only Bright Spot

The monthly net flows of Ethereum spot ETFs show significant volatility:

The most direct observation is: the strong inflows in July and August supported the entire year. These two months combined account for $9.3026 billion, over 96% of the total annual inflow. In other words, excluding these two months, the net inflow for the remaining 10 months is only about $0.38 billion, almost negligible.

Three Clear Features

Summer Peak Drives Year-Round Positive

The $5.4309 billion net inflow in July is the highest for the year, and August’s $3.8717 billion is also quite significant. These two months likely correspond to a price rally or a concentrated release of market sentiment for Ethereum. However, the enthusiasm did not sustain.

End-of-Year Outflows Accelerate

In November and December, Ethereum spot ETFs shifted to net outflows, with $1.4236 billion and $0.6163 billion flowing out respectively. Compared to Bitcoin spot ETFs during the same period (outflows of $3.1564 billion in November and $1.6378 billion in December), although the absolute values are smaller, the underlying issue is consistent—institutional investors are adjusting their positions at year-end.

Midsummer Months Show Flat Performance

From January to June and September to October, aside from June’s $1.1651 billion and May’s $0.5642 billion inflows, other months saw inflows below $100 million, with March even experiencing a net outflow of $0.389 billion. This indicates that most of the time, investor interest in Ethereum spot ETFs was relatively low.

Gap Compared to Bitcoin Spot ETF

Data comparison best illustrates the issue:

• Full-year net inflow: Ethereum $9.6863 billion vs Bitcoin $22.943 billion, with Bitcoin being 2.37 times larger
• Capital concentration: Ethereum’s summer peaks are more pronounced, while Bitcoin maintained relatively balanced inflows over the first 10 months
• Year-end attitude: Both saw outflows, but Bitcoin’s outflow in November ($3.1564 billion) far exceeds Ethereum’s ($1.4236 billion), indicating Bitcoin’s fundamental stability remains stronger despite adjustments

This reflects a reality: in the eyes of institutional investors, Bitcoin has a stronger consensus, while Ethereum’s appeal is comparatively limited.

Market Implications

From the perspective of capital flows, Ethereum spot ETF performance signals several points:

Limited institutional enthusiasm: Although the net inflow for the year is positive, both the absolute value and flow characteristics suggest that institutional investors’ demand for Ethereum allocation is less urgent than for Bitcoin. Possible reasons include ongoing exploration of Ethereum’s use cases, increasing competition from other tokens, and differing views on its long-term value.

Decreased risk appetite: The accelerated outflows at year-end indicate that when market sentiment turns cautious, investors prefer to reduce exposure to relatively riskier assets. Ethereum, being riskier than Bitcoin, is fully reflected in the capital movement.

Structural divergence: Looking at outflows from major asset management firms like Grayscale and BlackRock (e.g., Grayscale ETH net outflow of $3.2 million on January 1, and BlackRock ETHA outflow of $21.5 million), institutional investors may be reassessing their Ethereum allocations.

Summary

In 2025, Ethereum spot ETF saw a net inflow of $9.6863 billion, which appears promising on the surface, but its internal structure is problematic. The concentrated inflows in summer masked the dull performance during other periods, and the accelerated outflows at year-end suggest waning institutional enthusiasm. Compared to Bitcoin’s $22.943 billion net inflow, Ethereum’s gap is not only numerical but also reflects differing market risk-reward assessments of the two assets.

Looking into 2026, whether Ethereum spot ETFs can reverse this trend depends heavily on Ethereum’s application development and market reevaluation of its long-term value. Current data does not yet support an optimistic outlook.