BlackRock’s iShares Ethereum Trust, also known as ETHA, has amassed nearly $900 million in total inflows just 11 trading days after its launch.
Significant Inflows Amid Market Turbulence
On August 6, ETHA recorded inflows of $109.9 million, bringing its total to $869.8 million since its inception on July 23. This substantial inflow occurred as investors took advantage of Ether’s 18% price drop on August 5. According to Farside Investors, this marked ETHA’s third-highest flow day.
Top-Performing ETF of 2024
The $870 million inflow places BlackRock’s spot Ether ETF among the top six best-performing ETFs launched in 2024, according to Nate Geraci, President of The ETF Store. Notably, four of the other top performers are spot Bitcoin ETFs, including BlackRock’s IBIT.
On “Black Monday,” when over $600 million in leveraged long positions were liquidated, ETHA attracted $47.1 million. Combined inflows on August 5 and 6 alone positioned ETHA in the top 10% of ETFs launched in 2024.
Strong Performance Without Added Incentives
Remarkably, these achievements were made without the spot Ether ETFs offering staking returns or options trading. On August 6, spot Ether ETFs saw a combined inflow of $98.4 million, their best day since launch. Fidelity’s spot Ethereum ETF recorded the second-largest inflow on August 6, with $22.5 million, followed by Grayscale Ethereum Mini Trust and Franklin Ethereum ETF, which saw $4.7 million and $1 million, respectively.
Industry Reactions
Anthony Sassano, host of the Ethereum show “The Daily Gwei,” commented on the influx, stating, “TradFi slurping up that ETH.” However, Grayscale’s higher fee Ethereum product, tickered ETHE, was the only spot Ether ETF to record an outflow, amounting to $39.7 million.
BlackRock’s ETHA has demonstrated strong investor interest and substantial inflows, solidifying its position as a leading spot Ether ETF in 2024 despite recent market volatility.
