U.S. spot Ethereum ETFs recorded $11.5 million in net inflows on May 6, according to Farside Investors, keeping the category positive after a much stronger $97.5 million inflow on May 5. The latest print was smaller, but it still kept Ethereum ETF demand in the green while ETH traded near $2,345.
BlackRock’s ETHA added $2.1 million, giving the largest issuer another positive day after leading the prior session with $69.5 million. The stronger May 6 contribution came from Grayscale’s Mini Ethereum Trust, which attracted $10 million. Fidelity’s FETH posted a small $0.6 million outflow, while Bitwise ETHW, 21Shares TETH, VanEck ETHV, Invesco QETH, Franklin EZET, and Grayscale ETHE were flat on the day.
The flow mix gives Ethereum a better institutional read than the outflow pressure seen at the end of April, when ETH funds were still struggling to hold investor demand. A recent Ethereum ETF outflow story showed how quickly sentiment had weakened when BlackRock and Fidelity led redemptions. The latest two-day inflow stretch does not erase that soft period, but it does show that ETH exposure is no longer being rejected across the ETF complex.
BlackRock Leads Cumulative Ethereum ETF Demand
BlackRock remains the dominant Ethereum ETF issuer by cumulative flows. Farside’s running total places ETHA at about $12.02 billion in cumulative net inflows, far ahead of Fidelity’s FETH at about $2.33 billion. Grayscale’s legacy ETHE remains deeply negative on a cumulative basis because of post-conversion outflows, while the lower-fee Grayscale Mini ETH product has continued to absorb capital.
That split is important for Ethereum’s market structure. ETH does not need every issuer to attract money on the same day, but it does need steady net demand from the largest and lowest-friction products if ETF flows are going to support price. BlackRock’s smaller May 6 inflow still matters because ETHA has become the main institutional access point for spot ETH exposure.
The improvement also comes as Ethereum is still trying to repair its spot-demand profile. A recent Bitcoin sentiment and demand story showed that April’s recovery was led more clearly by Bitcoin demand, while Ethereum’s move relied more on reduced selling pressure. Fresh ETF inflows help ETH, but the asset still needs stronger spot accumulation, broader volume, and cleaner price follow-through to challenge Bitcoin’s leadership.
Bitcoin ETF Flows Slow But Remain Positive
Bitcoin ETFs also stayed positive on May 6, with Farside Investors recording $46.2 million in net inflows. That was a sharp slowdown from the $467.3 million added on May 5, but it kept Bitcoin funds in positive territory.
BlackRock’s IBIT attracted $134.6 million, while Fidelity’s FBTC lost $39 million, Bitwise BITB lost $25.2 million, Franklin EZBC lost $7.1 million, and Grayscale GBTC lost $17.1 million. The remaining tracked Bitcoin ETF products were flat.
The contrast between BTC and ETH flows is useful. Bitcoin still pulled in more net capital than Ethereum on May 6, but Ethereum’s latest print continued a short rebound after earlier outflows. Bitcoin remains the deeper ETF trade, while Ethereum is trying to prove that institutional demand can become consistent again instead of arriving in short bursts.
ETH’s ETF recovery now sits alongside price action near the mid-$2,300 range. If inflows continue and ETH pushes back toward the $2,400 resistance area, the market will have a cleaner case for renewed institutional participation. If flows fade again, Bitcoin dominance is likely to stay supported as capital keeps favoring the largest and most liquid crypto ETF product set.
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