The most active day was Tuesday, July 22, when $533.8 million was added amid a brief dip in Ethereum’s spot price to $3,748. This indicates that flows weren’t reacting just to price. Instead, the consistency of creations across both up and down days in ETH shows that these flows are structurally motivated.
ETH closed at $3,800 on July 28, up 7.0% from its $3,550 close on July 18. Much of this upside occurred in the early part of the weekly streak. On July 21, ETH climbed nearly 6% while ETFs added $296.5 million in net flows. After that, ETH mostly consolidated in the $3,600-$3,750 range, even as inflows remained steady.
This divergence between flow strength and price direction shows us that the demand for ETH exposure is most likely driven by long-term positioning. The 30-day rolling correlation between ETF flows and ETH’s daily returns rose to 0.60 last week, the highest since February.
This fading drag from ETHE is likely improving sentiment for the broader ETF suite, reducing the negative pull on net creation metrics and improving aggregate AUM momentum.
While the $65 million net inflow on July 28 was materially lower than the preceding days, it’s premature to interpret it as a reversal. Most major funds still recorded inflows, and the negative print came entirely from Fidelity. As discretionary managers assess whether to rebalance further into Ethereum ETFs, July’s closing stretch may offer a first glimpse into a stable post-repricing baseline.
The ETF flow-to-price feedback loop is clearly strengthening. If spot ETH maintains a foothold above $3,800 while flows hold north of $150 million per day, the next leg higher could be built on something far more durable than retail speculation or protocol narrative cycles: it may be rooted in ongoing portfolio allocation.
