Woofun AI reports that a $38 million net inflow into U.S. spot Ethereum ETFs on July 20, driven primarily by BlackRock’s iShares Ethereum Trust (ETHA), extended a positive momentum streak according to data from Farside Investors.

The capital accumulation was heavily concentrated, with ETHA capturing $34.3 million of the total volume. Fidelity’s Ethereum Fund (FETH) contributed $2.8 million, while the 21Shares Core Ethereum ETF added $0.9 million, marking the second consecutive trading day of positive flows following last Friday’s modest gains. This activity occurred while ETH price action remained subdued, trading within a narrow band between $3,400 and $3,500.

Since their launch in late May 2024, these products have faced uneven demand compared to Bitcoin counterparts, yet cumulative net inflows have now surpassed $1.5 billion. The structure allows pension funds and endowments to gain exposure through traditional brokerage accounts, bypassing the complexities of direct cryptocurrency holdings.

Per Woofun AI, the competitive landscape is defined by brand trust and fee structures, with BlackRock and Fidelity offering among the lowest expense ratios in the category. Investors are now monitoring whether this momentum can sustain through the end of the month, particularly as potential Federal Reserve rate decisions influence broader risk appetite.

This pattern suggests institutional investors are gradually allocating to Ethereum exposure via regulated fund structures, even as retail sentiment remains mixed. The sustained interest highlights a growing preference for compliant access points over direct asset ownership.