According to @EricBalchunas, GDXU was the top-returning ETF of 2025 with an 830% gain (source: @EricBalchunas, Dec 31, 2025). According to @EricBalchunas, despite this performance, the fund showed zero inflows and zero outflows for the entire year (source: @EricBalchunas, Dec 31, 2025). According to @EricBalchunas, GDXU still averaged about $200 million in daily trading volume (source: @EricBalchunas, Dec 31, 2025). According to @EricBalchunas, the ETF appeared open to new creations, making the flat flows unusual and odd for traders monitoring primary market activity (source: @EricBalchunas, Dec 31, 2025).

According to @FarsideUK, Fidelity’s U.S. Ethereum ETF recorded $0 million net flow today, indicating no net creations or redemptions were reported for the session, source: farside.co.uk/eth and twitter.com/FarsideUK/status/2003639824926880001. A $0 net flow denotes no net primary market activity under standard ETF flow mechanics, which define creations and redemptions as the drivers of daily net flow, source: sec.gov/oiea/investor-alerts-and-bulletins/ib_etf and farside.co.uk/eth.

According to Crypto Rover (@rovercrc), ETH ETFs recorded approximately $1 billion of net inflows for the first time ever, flagging a significant step-up in demand for ETH exposure. Source: @rovercrc on X, Aug 12, 2025. Net ETF inflows are typically executed via primary-market share creations that require the fund to obtain underlying exposure, which can translate into buy-side pressure on the underlying asset when creations occur. Source: iShares ETF creation and redemption mechanics (issuer educational materials). Traders should track ETH spot volume, CME ETH futures annualized basis, and perpetual funding rates to confirm whether flows align with sustained demand, as prior large crypto ETF inflow episodes have coincided with wider positive basis and higher funding. Source: CME Group education on futures basis; Kaiko market structure analyses (2024). Monitor US trading-hours performance of ETH and any ETF premium or discount to NAV to gauge flow persistence and potential liquidity frictions. Source: ETF issuer daily flow and NAV disclosures from major providers (e.g., BlackRock, Fidelity).