US-listed spot Ethereum ETFs recorded $70.62 million in net outflows on Friday, halting a five-day run of inflows. Data from SoSoValue show the funds had taken in $211.25 million across the prior five sessions (July 17 through Thursday), and still posted $103.9 million in net inflows for the week ending Friday.
Despite Friday’s reversal, Ethereum ETFs extended their streak of weekly net inflows to three consecutive weeks and have accumulated $337.74 million in net inflows so far in July. Flows into spot crypto ETFs have become an important barometer of investor demand for on‑chain exposure to Bitcoin (BTC) and Ether (ETH) through traditional, regulated investment products.
While other markets, including Hong Kong, have introduced similar spot crypto ETF structures, US-listed products continue to dominate in both assets under management and trading volume.
Bitcoin ETFs saw a similar shift late in the week. After a seven-day inflow run that ended on Thursday, BTC funds recorded $240.08 million of net outflows on Friday. Even so, Bitcoin ETFs also logged three straight weeks of net inflows, adding $103.90 million for the week ended Friday and $233.96 million so far in July. The category is still rebounding from a notable June, when roughly $4.5 billion left the funds.
Market prices reflected the pullback: Bitcoin traded just under $64,000 at the time of reporting, down from a weekly peak of $66,892 on Tuesday, per CoinGecko. Ether changed hands around $1,837, off Wednesday’s weekly high of $1,954.
Separately, regulatory and market developments abroad are shaping expectations for future ETF demand. After Japan’s recent revisions to its crypto rules—widely seen as paving the way for spot Bitcoin ETFs—asset manager XWIN estimated a mature Japanese spot Bitcoin ETF market could be worth about $18.4 billion. That figure would represent roughly 0.13% of Japan’s estimated $14.6 trillion in household financial assets.
In an analysis shared via CryptoQuant, XWIN said its $18.4 billion projection assumes uptake from current crypto holders, new retail investors accessing crypto through brokerage accounts, and institutional allocations. The report points to the US market as an example: excluding Grayscale’s GBTC, spot Bitcoin ETFs in the US have collectively accumulated around 1 million BTC, illustrating how regulated ETF wrappers can bridge traditional finance and digital assets. “The key is access,” XWIN wrote, calling $18.4 billion an attainable upper‑end scenario for Japan.
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