After eight days of nonstop inflows totaling nearly $2 billion, U.S. Ethereum spot ETFs finally took a breather on Thursday - but analysts say the cooldown is part of a healthy consolidation phase rather than a sign of fading interest.

The funds recorded $8.7 million in net outflows, ending one of their strongest runs since launch. Fidelity’s FETH led with $30 million in withdrawals, while BlackRock’s ETHA remained the exception, pulling in another $39 million to extend its nine-day winning streak past $1.4 billion.

Trading Stays Strong

Despite the slight reversal, activity stayed intense. Ethereum ETFs generated over $2.3 billion in volume on Wednesday, with BlackRock alone accounting for more than two-thirds of that. The streak ranks among the largest since summer, behind the $3.7 billion wave in August and the record $5.4 billion in July.

Meanwhile, Bitcoin ETFs continued to attract steady capital, adding nearly $200 million on Thursday to a nine-day inflow run approaching $6 billion.

Analysts Call It a Reset, Not a Retreat

Market analysts remain upbeat. BRN’s Timothy Misir said Ethereum’s structure looks “liquid and stable,” describing the $4,250–$4,500 range as the key battleground before the network’s next upgrades. He noted that funding rates and options data suggest balance rather than exhaustion.

“This isn’t distribution – it’s accumulation,” Misir said, adding that institutional demand through ETFs continues to anchor Ethereum’s price action.

At press time, ETH traded around $4,337, down 2.5% on the day but consolidating near multi-month highs. Analysts say the broader trend remains positive, with institutional flows signaling confidence in Ethereum’s long-term outlook.