Fidelity’s spot Ethereum ETF just posted its best stretch of client buying in roughly two months. FETH pulled in approximately $28.57 million in net inflows on a single day this week, putting it at the top of the US spot ETH ETF leaderboard and marking the strongest weekly demand the fund has seen since late April.

That one-day haul accounted for more than a third of the $82.37 million that flowed into all US spot Ethereum ETFs on the same day. The last time ether-focused funds saw this kind of enthusiasm, the week ending April 10 brought in $187 million across the entire category.

What’s driving the money back into ether ETFs

Fidelity has consistently ranked among the top two recipients of ETH ETF inflows this year, trading the top spot back and forth with BlackRock’s ETHA. Part of that comes down to pricing. FETH carries an expense ratio of 0.25%, which Fidelity initially waived entirely to draw in early investors when the fund launched in July 2024, shortly after Bitcoin ETF approvals opened the door for ether products.

Market participants have started interpreting these capital flows as a signal that some investors are rotating toward Ethereum during stretches when Bitcoin underperforms.

The broader ETH ETF landscape in 2026

Spot Ethereum ETFs have had a complicated year. Monthly net redemptions exceeded $200 million at several points in 2026, punctuated by sharp reversals including days where tens of millions rushed back in. One week saw over $241 million in outflows across the category.

FETH capturing roughly 35% of all spot ETH ETF inflows in a single session suggests that Fidelity’s distribution network is actively channeling client interest toward ether exposure, with the two heavyweights Fidelity and BlackRock collectively dominating inflow days.

What this means for investors

The same volatility in flows that produces $82 million inflow days also produces weeks where more than $200 million walks out the door. For traders, that whipsaw creates opportunity. For longer-term holders, it means stomaching significant mark-to-market swings while trusting that the structural demand for regulated ether exposure continues to grow.