BlackRock Ethereum ETF (ETHA) registered its highest daily inflows at $639.87 million on Monday since its inception. As a result, ETHA’s net inflows have also hit the $10 billion milestone, with net holdings crossing 3.3 million ETH. Moreover, the ETHA share price also surged nearly 5%, hitting an all-time high at $33.02. Today’s massive inflows come amid strong demand for ETH in the corporate treasury race.
BlackRock Ethereum ETF Hits New Milestone
For the first time since its inception, BlackRock iShares Ethereum Trust (ETHA) has crossed more than $10 billion in net inflows. Note that the journey from $5 billion to $10 billion has happened just in the last three months. In July alone, BlackRock added 1.25 million ETH to its holdings, with its total holdings now crossing 3.3 million.
On Monday, August 11, BlackRock Ethereum ETF recorded net inflows of 149,168 ETH, valued at $640.68 million. This marks the fund’s largest single-day inflows since inception. Furthermore, the trading volume for ETHA hit a massive $1.8 billion yesterday.
Furthermore, the spot Ether ETFs, across all US ETF issuers, also made a record of crossing $1 billion in daily inflows for the first time since inception, as per the Farside Investors data. While BlackRock Etheeum ETF contributed the most to the total inflows, Fidelity’s FETH also saw a healthy $276.9 million in inflows. All eyes are on the ETH staking proposal submitted by BlackRock last month for its Ether ETF. An SEC approval for the same is likely to attract more institutional capital moving ahead.
ETHA Share Price Hits All-Time Highs
The ETHA share price has touched an all-time high at $33.02, after its 5% upside on Monday. Over the past month, the share has surged by 41%, and nearly 200% since the April lows of $11.5. This massive rally comes following the strong ETH accumulation that’s happening in June and July.
Spot Ether ETFs Largely Underestimated
With BlackRock Ethereum ETF (ETHA) doing all the heavy-lifting, spot Ether ETFs have outperformed their BTC counterparts for the past few weeks. Thanks to the ETH price rally from $2,500 in June, to now as $4,300 levels.
With $1 billion in daily inflows yesterday, spot Ether ETFs outpaced Bitcoin ETFs, which saw $179 million in inflows, by a margin of 5.5x. Speaking on the development, Nova Dius Weal President Nate Geraci said:
“Feel like spot eth ETFs were severely underestimated simply b/c tradfi investors didn’t understand eth…Btc had nice clean narrative, “digital gold”. Eth takes more time for investors to understand.Now they’re hearing “backbone of future financial markets” & it’s resonating”.
ETH price rally has extended by another 20% over the past week, moving to $4,300. Market analysts expect the rally to continue to $12K by the year-end, amid strong accumulation by ETH Treasury firms.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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