The US spot Ethereum ETF market has reached a new milestone, with cumulative net inflows surpassing the 4 billion USD mark. This achievement was accomplished in just 11 months, highlighting investors' strong interest in Ethereum and its related financial products. Since its launch on July 23, 2024, these ETF products have undergone 231 trading days. It is noteworthy that just 15 trading days after surpassing 3 billion USD, net inflows increased by 1 billion USD, a rapid growth that is remarkable. Although these 15 days only accounted for 6.5% of the total trading time, they contributed a quarter of the capital inflow. Several institutions' ETF products performed outstandingly during this round of growth. Among them, a large asset management company's Ethereum trust led with a total inflow of 5.31 billion USD, while another well-known investment company's product contributed 1.65 billion USD, and an ETF from a cryptocurrency-focused investment company saw an increase of 346 million USD. Meanwhile, a traditional trust (which has been converted to an ETF) from a long-established cryptocurrency investment company recorded an outflow of 4.28 billion USD during the same period. This reflects a shift in investor preferences, possibly influenced by the more attractive fee structure of new products. Daily fund flow data further corroborates this trend. For instance, on June 11, the leading ETF absorbed over 160 million USD in a single day. Between May 30 and June 23, this product had five trading days where fund inflows exceeded 100 million USD. At the same time, the redemption speed of traditional products has slowed down, driving a significant increase in overall net inflows. The newly launched ETF products generally adopt a management fee of 0.25%, which is on par with the industry median and far lower than the 2.5% rate of traditional products. This competitive pricing strategy, coupled with established first-tier market relationships, continues to attract funds to emerging ETF providers. An industry report indicated that the surge in fund inflows in June was primarily driven by three factors: first, the rebound in Ethereum's price relative to Bit; second, clearer guidance from the US tax authorities regarding staking income; and finally, multi-asset allocators conducting large-scale rebalancing, viewing Ethereum as an important component of their portfolios rather than merely a speculative bet. The upcoming quarterly 13F filing deadline will reveal whether professional investment managers have participated in this wave of fund inflows. As of the end of March, these institutions accounted for less than 33% of assets in spot Ethereum ETFs, indicating that there is still significant growth potential for institutional investor participation. Overall, the rapid development of the US spot Ethereum ETF market reflects the increasing maturity of cryptocurrency investment tools and the confidence of investors in the long-term development prospects of the Ethereum ecosystem. With more institutional investors joining in, this market is expected to continue to maintain strong growth momentum.