BlackRocks Ethereum ETF Shatters $1 Billion Net Inflows Milestone
BlackRocks ETHA exchange-traded fund (ETF) is the first Ethereum fund to cross $1 billion in cumulative net inflows. This underscores ETHAs lead among other rival issuers that were greenlighted to trade spot ether ETFs in the United States.
BlackRocks ETHA Clinches New Milestone
According to data from Farside Investors, new investor money flowing into BlackRocks iShares Ethereum fund (ETHA) has topped $1 billion as of this writing. As a result, BlackRock is now leading other issuers, including Fidelity Investments, Bitwise, Grayscale Investments, and VanEck on the spot Ethereum ETF sector.
Fidelitys FETH is the current runner-up to ETHA with $367 million in inflows. Thats followed by $310 million for Bitwises ETW and $227 million for Grayscales Ethereum Mini Trust (ETH). In total, the three ETFs accumulated $900 million, which is still collectively coming short of ETHAs progress.
Since it went live on July 23, ETHA has had its fair share of boring days with measly or no inflows. But overall, the fund has amassed a significant influx, most likely due to BlackRocks reputation as the worlds largest asset manager.
The $1 billion inflow record came after ETHA pulled in $26.8 million on Tuesday. Farside indicates that only BlackRocks ETH ETF and Bitwises ETHW posted inflows yesterday, while other ETFs, besides Grayscales ETHE, had zero flows. Investors have withdrawn roughly $2.47 billion from ETHE since its conversion from a closed-end fund.
Its worth mentioning that the massive Bitcoin and Ethereum ETF inflows recently helped BlackRock flip Grayscale in terms of assets under management. Grayscale had previously held the title of the largest asset manager in the crypto industry for years.
While the $1 billion threshold is a huge feat, BlackRocks ETHA dwarfs the performance of the companys iShares Bitcoin Trust (IBIT), which surpassed the $1 billion mark within the span of four days after its historic debut in mid-January. Despite the underwhelming pace compared to Bitcoin ETFs, the demand for ETH funds such as ETHA is increasing, albeit they have not been as successful as their BTC peers presumably due to the lack of the staking elements behind Ethereums proof-of-stake (PoS) security system.
Ethers Price Is Lagging
Ether has been on a significant downtrend since the ETFs arrived on Wall Street. The price of the industrys second-largest crypto by market cap has fallen over 24% to trade at $2,632 as of publication time, down from $3,500 on the ETF launch date.
Regardless, as momentum for the spot Ethereum-based products picks up, many crypto spectators expect it to reflect in the price of ETH.
Read more: https://zycrypto.com/blackrocks-ethereum-etf-shatters-1-billion-net-inflows-milestone/
Text source: ZyCrypto
