Ethereum ETFs Record Best Week Since Launch

The Ethereum ETFs have recorded a historic week, with their best weekly inflows since their launch last year. This comes in the same week that the ETH price has shown a resurgence, rallying over 17% and reaching the $3,000 level in the process.

Ethereum ETFs Experience Historic Inflows

Based on information provided by SoSoValue, investor funds into Ethereum ETFs totaled $907.99 million over the past week alone. This marked their best weekly outing since they began trading on July 23, 2024. The largest daily inflows this week came on July 10, when these funds took in $383.10 million.

Commenting on this development, market expert Nate Geraci noted in an X post that these funds took in over $900 million this week. He added that these inflows include three of the top 10 inflow days overall. Besides July 10, the two other top inflow days this week were July 9 and 11, when the ETFs recorded net inflows of $211.32 million and $204.82 million, respectively.

The milestone for the Ethereum ETFs this week coincides with the resurgence in the ETH price. The altcoin is up over 17% this week, according to CoinMarketCap data. Thanks to this rally, Ethereum hit the psychological $3,000 level on July 11 and looks primed to reach new highs.

BlackRock’s ETH Fund In Focus

As CoinGape reported, BlackRock is even now buying more Ethereum than Bitcoin for its respective crypto funds. This occurred on July 10, when the world’s largest asset manager acquired $156 million in ETH, while its BTC purchases totaled $125 million on the same day.

The change reflects a shift in investor interest toward Ethereum’s use cases, including staking profits. The ETH price’s response was not immediate, although accumulation via the ETF would still reduce the coin’s supply.

It is worth noting that the BlackRock Ethereum ETF (ETHA) reached a new milestone of $1 million in its holdings on July 10. On that day, it hit 2 million ETH holdings valued at $300 million.

In an X post, Bloomberg analyst Eric Balchunas noted that ETHA had earlier in the week taken the sixth spot on the weekly flow leaderboard. He remarked that this is the first time that the fund is “hanging with the big dogs.” The analyst added that the fund taking in $675 million in a week is no joke.

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Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]

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