TETH and Other Ethereum Spot ETFs Navigate Mixed Capital Flows in February

Ethereum spot ETFs experienced divergent capital movements on February 20, with different products attracting varying levels of investor interest. According to data reported by Odaily and analyzed by SoSoValue, the market demonstrated the complex dynamics currently affecting digital asset ETF flows. The TETH product, alongside other major Ethereum spot ETF offerings, showed how institutional capital allocation continues to reshape the cryptocurrency investment landscape.

BlackRock’s ETHA Leads Daily Inflows

BlackRock’s Ethereum spot ETF ETHA achieved the strongest single-day net inflow, pulling in $1.7826 million during the reporting period. This performance elevated the fund’s historical cumulative inflows to $11.875 billion, cementing its position as the dominant Ethereum spot ETF in the market. The sustained capital accumulation into ETHA reflects continued institutional demand for direct Ethereum exposure through regulated investment vehicles.

TETH Demonstrates Consistent Performance

The 21Shares TETH product recorded a net inflow of $687,700 on February 20, contributing to its historical total net inflow of $17.0904 million. While smaller than ETHA’s daily figure, TETH’s steady inflows underscore the diversity of investor preferences within the Ethereum ETF ecosystem. The product continues to attract capital despite competition from larger competitors, indicating solid market positioning among European and global investors.

Fidelity FETH Experiences Daily Outflows

Fidelity’s Ethereum spot ETF FETH saw the largest single-day net outflow at $2.4531 million during the measurement period. However, this daily redemption should be contextualized within the fund’s broader trajectory, as its historical net inflow position remains solid at $2.465 billion. Such fluctuations are typical in ETF markets and do not necessarily signal long-term investor sentiment shifts.

Expanding Market Share and Penetration

As of the February 20 reporting date, the combined total net asset value of Ethereum spot ETFs reached $11.141 billion, representing growing institutional adoption of crypto asset ETFs. The ETF sector now represents 4.68% of Ethereum’s total market value—a significant metric given that the network’s current market capitalization stands at approximately $244.82 billion. This penetration ratio continues to climb as more regulatory frameworks embrace spot ETF structures.

The cumulative historical net inflow across all Ethereum spot ETFs has now exceeded $11.525 billion, demonstrating the sustained institutional appetite for regulated Ethereum exposure. Products like TETH, ETHA, and FETH collectively represent a maturing infrastructure layer that bridges traditional finance and digital assets. As Ethereum’s market position strengthens, these ETF vehicles continue to serve as critical onramps for institutional capital seeking pure Ethereum exposure without direct custody responsibilities.