Ethereum ETF holdings hit all-time high near 5 million ETH as record inflows drive price over $3,400

The amount of Ethereum held by spot ETF issuers hit its highest point ever on Thursday.

Following Wednesday's net inflows of $726 million — the highest since spot Ethereum exchange-traded funds began trading — ether-based financial products managed by firms like BlackRock and Grayscale now hold 4.95 million ETH, according to The Block Data Dashboard.

Increased demand for Ethereum also pushed ETH's price above $3,400 on Thursday, according to The Block's ETH price data. The world's second-largest cryptocurrency by market cap was trading hands at $3,424.73 as of 8:36 a.m. ET, up over 8% in the past 24 hours.

"The refocusing and restructuring of the Ethereum Foundation and the birth of new Ethereum treasury companies with multiple institutional-focused cheerleaders has brought a resurgence of life into the Ethereum ecosystem, which has clearly benefited the demand and price of ETH," according to The Block Research Director Steven Zheng.

Ethereum ETFs record month

Spot Ethereum ETFs are also registering a record month. So far in July, the ether ETFs have cumulatively taken in net inflows of $2.27 billion, the highest monthly amount since the funds were launched in July 2024. Wednesday's inflow surge was led by BlackRock's ETHA fund, which attracted $499 million, according to SoSoValue data.

BlackRock, Grayscale, and Fidelity have the three most popular spot Ethereum ETFs on the market when ranked by assets under management.

"Ethereum is increasingly being seen as a long-term institutional asset, not just a trading vehicle," said Rachael Lucas, a crypto analyst at BTC Markets. Lucas added that the ETFs collectively own 4% of Ether's total market capitalization.

Dragonfly data analyst Hildobby took to X to say that if issuers maintain the pace they've established during the past two weeks, it will take them roughly one more year to "absorb 10% more" of Ethereum's total supply.