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Nearly a quarter of recorded inflows into US spot ethereum ETFs happened this week

Meanwhile, Ronin Network, known for the blockchain game “Axie Infinity,” announced plans to launch an ethereum layer 2 network.

Sage D. Young

Ethereum is trading around the $4,500 level as US spot ETFs continue to attract investors. The funds saw $639.6 million of inflows on Thursday, led by BlackRock’s iShares Ethereum Trust ETF with $519.7 million. So far, inflows for the week stand at more than $2.9 billion, representing nearly 23% of the cumulative total for the investment vehicles, data from SoSoValue shows. 

Yesterday, the Ronin Network announced plans to roll out an ethereum-aligned layer 2 blockchain with the goal to become “the gamification engine” for the network. “This cycle has been the institutional adoption cycle for crypto. So far, gaming has yet to lean into this,” a blog post said.

Ronin is known for its game “Axie Infinity,” which lost over $600 million in crypto in a 2022 hack.

Meanwhile, several public companies focused on accumulating ethereum released their Q2 earning reports: 

  • BTCS, which has 70,140 ethereum, recorded about $2.8 million in quarterly revenue, representing a 394% increase from Q2 2024 and a 64% jump from Q1 2025. However, the firm announced a net loss of $13.4 million during the past six months, driven by “unrealized depreciation on retained crypto assets” and “realized losses from the strategic divestiture of non-Ethereum crypto assets,” according to a press release.  

  • Bit Digital, which holds 121,076 ethereum, saw $25.7 million in total revenue for Q2 2025, an 11.7% decrease from Q2 2024 “driven by a decrease in digital asset mining revenue as the Company focused on Ethereum-native treasury and staking strategies,” per a Thursday press release. Bit Digital CEO Sam Tabar said in a statement, “Our objective is to build one of the largest on-chain ETH balance sheets in the public markets and to generate attractive staking yields for shareholders.”

  • SharpLink Gaming, the second-largest ethereum treasury company, holding 728,804 ethereum, reported a $103.4 million loss as the result of a noncash impairment loss and noncash stock-based compensation.

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XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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