BlackRock’s spot Ethereum (ETH-USD) ETF has quickly gained nearly $900 million in total inflows after just 11 trading days. Launched on July 23, the iShares Ethereum Trust (ETHA) saw $109.9 million flow in on August 6 alone, bringing its total to $869.8 million. According to Farside Investors, this marked ETHA’s third biggest day as investors jumped on Ethereum’s 18% price drop on August 5.
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Top Performer in 2024
Nate Geraci, president of The ETF Store, noted that ETHA’s $870 million inflow puts it among the top six best-performing ETFs launched in 2024. Four out of the other five are spot Bitcoin ETFs, including BlackRock’s own iShares Bitcoin Trust. Even during the crypto industry’s “Black Monday,” ETHA managed to pull in $47.1 million, despite $600 million in leveraged long positions being wiped out.
Other ETFs Join the Race
Spot Ethereum ETFs collectively saw a $98.4 million inflow on August 6, their best day since launching. Fidelity’s spot Ethereum ETF followed with $22.5 million, while Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw $4.7 million and $1 million, respectively. Anthony Sassano, host of The Daily Gwei, quipped, “TradFi slurping up that ETH.”
Despite ETHA’s strong start, the spot Ethereum ETFs have still seen a combined $473.9 million in outflows when considering the $2.2 billion that has left Grayscale’s ETF. Ethereum has partially recovered, climbing 13.5% to approximately $2,500 since bottoming out at $2,200 on August 5.
At the time of writing, ETH is sitting at $2,529.81, still down almost 20% over the last 5 days.
