Ether is climbing, but Ethereum ETFs are heading in the other direction. U.S. spot funds tied to the second-largest cryptocurrency recorded roughly $39 million in net outflows Thursday, extending a three-day streak of withdrawals.
The latest exit came after about $224 million flowed out on Wednesday and another $141 million on Tuesday, according to SoSoValue. Ether itself rose 2% over the same stretch to around $2,470.
The split is striking: the asset is gaining while investors are pulling money from the investment vehicles designed to track it. Ethereum ETFs remain well ahead over a longer window, however, with more than $1.5 billion in net inflows over the past 30 days.
XRP funds also saw money leave, losing roughly $5 million Thursday and reversing the modest inflow recorded the previous day. Bitcoin funds told a different story, attracting about $159 million.
Then there was Zcash, which keeps drawing attention.
Its single U.S. fund collected nearly $47 million Thursday, its strongest result in a month that has brought in more than $230 million. Zcash itself jumped 10% to about $1,488, once again leading the major cryptocurrencies.
Ethereum ETFs are slipping while the rest of crypto catches a bid
The broader market had plenty of green on Thursday. Hyperliquid’s HYPE climbed nearly 10% to just above $86, Solana added 5% to nearly $105, and BNB gained almost 4% to around $750.
Dogecoin rose about 4%, while ether and XRP each advanced 2%. Bitcoin increased more than 1% to roughly $77,216, according to CoinDesk data. Tron was the lone major cryptocurrency that barely moved.
The moves came alongside a broader rally across traditional markets, adding another layer to the crypto story.
Stocks and bonds both gained as oil prices declined, one day after the Federal Reserve raised interest rates for the first time since 2023. The S&P 500 rose about 1%, its largest one-day advance in six weeks, while the Nasdaq 100 gained nearly 2%. A semiconductor-stock gauge jumped 3%.
The 10-year Treasury yield also fell, ending an eight-session climb. The dollar was little changed, gold moved higher, and Brent crude settled below $105 a barrel.
Lower oil prices eased some of the inflation pressure the Fed has been addressing, helping stocks and bonds rise together rather than pulling in opposite directions. Crypto followed the same signal, with major tokens moving alongside equities instead of leading them.
That makes the divergence in Ethereum ETFs particularly notable. While ether participated in the broader rebound, its U.S. spot funds continued to see withdrawals for a third straight session.
For now, the most unusual flow may be elsewhere. Zcash’s U.S. fund is attracting fresh money on days when the two biggest crypto ETF categories are losing it.
Whether that pattern survives into next week could offer a useful clue about where investor attention is shifting.