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Historic Milestone in Ethereum ETFs: Psychological Limit Reached

Historic Milestone in Ethereum ETFs: Psychological Limit Reached

BitcoinsistemiBitcoinsistemi2024/09/29 17:33
By:Mete Demiralp

BlackRock, one of the largest ETF providers, has surpassed a historic milestone in its Ethereum spot ETF.

In a major breakthrough for Ethereum ETFs, BlackRock’s spot Ethereum ETF has reached a major milestone of over $1 billion in net asset value just two months after its launch.

Ethereum ETFs Perform Better Than Expected Over the Past Week

The achievement came as U.S.-based spot Ethereum ETFs posted their highest weekly inflows since early August, reversing a six-week streak of negative outflows.

According to data from SoSoValue, U.S.-based spot ETH ETFs saw inflows of $58.7 million on Friday, contributing to a total of $84.5 million in net positive inflows for the week. This was the first week of positive inflows since early August. Fidelity’s FETH fund led the way on Friday with $42.5 million. However, BlackRock’s ETHA fund made headlines by surpassing $1 billion in net asset value, becoming the second spot Ethereum ETF to reach this milestone after Grayscale’s Ethereum Mini Trust.

Nate Geraci, President of The ETF Store, highlighted the significance of this achievement, noting that BlackRock’s ETHA fund currently ranks in the top 20% of more than 3,700 ETFs in the U.S. market.

Related News Renowned Economist Blasts Altcoins, Explains Why He Prefers Only Bitcoin

Other ETFs also saw notable inflows on Friday, with Bitwise’s ETHW seeing $5.4 million, Invesco’s QETH $4.3 million, Grayscale’s ETH $2.3 million, VanEck’s ETHV $2 million and 21Shares’ CETH $1.4 million. Meanwhile, Franklin’s EZET fund saw no net inflows or outflows, while Grayscale’s ETHE fund saw $10.7 million in outflows.

The recent surge in inflows resulted in three out of five trading days last week resulting in positive net inflows for ETH funds. The funds currently have a combined net asset value of $7.4 billion, the highest since August 26.

This surge in value comes as Ethereum’s price has been outperforming Bitcoin following the recent Fed rate cut, along with a significant increase in transaction fees caused by increased blockchain activity, and renewed optimism about Ethereum among futures traders.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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