Reflecting the growing institutional enthusiasm for Ethereum, the second-largest cryptocurrency by market capitalization, BlackRock’s recently introduced spot Ethereum exchange-traded fund (ETF) ETHA has reached a noteworthy milestone in just two months.
ETHA’s climb to this turning point coincides with a strong week for spot crypto ETFs in the United States, where funds with a focus on Bitcoin have attracted an amazing $1.1 billion in net weekly inflows, reversing a pattern of outflows noted earlier this month.
Ethereum ETFs Surge
Ethereum was also highly enthusiastic; Ether ETFs together draw $84.51 million in weekly net inflows the biggest amount seen since August. With a jump of $11.46 million on Friday, one of the biggest single-day inflows for Ether ETFs, ETHA has accumulated a total of $1.04 billion in net assets, according to data from SoSoValue.
Leading the push that day, Fidelity’s Ethereum ETF (FESH) attracted $42.54 million and, as of September 27, had net assets of $424.19 million. Bitwise’s ETHW trailed closely, securing $5.43 million; other contributions came to a total of $9.94 million.
Grayscale’s ETHE dropped $10.72 million, following a pattern of capital outflows from its founding. With Grayscale’s ETHE, which stood at $1.06 billion on the same day, ETHA is now the second Ether ETF to cross the $1 billion mark.
Presented by ETF Store’s president, Nate Geraci, “this achievement places ETHA among the top 20% of the more than 3,700 exchange-traded funds currently available in the U.S. market,” he said.
Despite ETHA’s explosive expansion, Grayscale’s ETHE maintains its ranking as the biggest spot Ether ETF, but it has seen notable capital flight, losing $2.9 billion since its July inception.
