The U.S. spot Ethereum exchange-traded funds got off to a contrasting start last week, with net inflows into most ETFs overwhelmed by net outflows from Grayscale’s converted fund, ETHE.

Nine new spot Ethereum ETFs from eight issuers launched last Tuesday after initially gaining approval from the Securities and Exchange Commission in May.

In the first four days of trading, BlackRock's ETHA led the pack, generating $442 million worth of net inflows, followed by Bitwise’s ETHW with $265.9 million and Fidelity’s FETH with $219.4 million. VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH and 21Shares’ CETH also generated $35.4 million, $23.3 million, $14.2 million and $7.5 million worth of net inflows, respectively.

In fact, almost all of the ETFs have generated inflows, with the …