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BlackRock’s iShares Ethereum Trust, known as ETHA, has reached a groundbreaking milestone by amassing over $1 billion in net inflows, setting a record as the first U.S. spot Ethereum exchange-traded fund (ETF) to achieve this feat. This significant achievement underscores the growing investor interest in Ethereum-based funds, despite a comparative slow start relative to Bitcoin-focused ETFs like BlackRock’s iShares Bitcoin Trust, which hit the same mark within four days.
On August 20, ETHA recorded an impressive influx of $26.8 million, propelling it past the $1 billion threshold. Farside Investors’ data highlighted that among Ethereum funds, only ETHA and Bitwise’s Ethereum fund (ETHW) saw gains on that Tuesday, contrasting with stagnant flows in other competitors, except for Grayscale’s ETHE which has experienced about $2.5 billion in withdrawals since its conversion into an ETF.
Despite facing challenges such as high fees and significant outflows in its early days, particularly with Grayscale’s ETHE, BlackRock’s Ethereum and Bitcoin ETFs have recently outstripped Grayscale in total assets managed. This shift marks a pivotal point, indicating a robust and enduring interest in cryptocurrency investments among mainstream investors.
