coindesk.com
BlackRock's iShares Ethereum Trust (ETHA) has surpassed $1 billion in cumulative net inflows, making it the first among 11 issuers to reach this milestone.
Ethereum ETFs as a whole have seen cumulative net outflows of over $440 million, underperforming compared to bitcoin ETFs, with BlackRock's bitcoin fund even ranking among the top five ETFs for 2024 inflows.
BlackRock’s iShares Ethereum Trust (ETHA), its spot ether exchange-traded fund (ETF), on Tuesday became the first among a cohort of 11 issuers to cross the landmark $1 billion in net inflows, data shows.
ETHA holds over $860 million in net assets, surpassed only by Grayscale’s mini ether trust ($ETH) and Ethereum trust (ETHE).
ETHA’s net inflows are more than the next three highest ETF inflows combined, SoSoValue data shows. Fidelity’s FETH has taken on a total of $367 million since the funds went live July 23, Bitwise’s ETHW has taken $310 million and Grayscale’s $ETH has taken on $227 million.
Other ETFs have recorded less than $60 million in net inflows, the data shows. Meanwhile, Grayscale’s ETHE – converted from an institutional-only trust product – has been the biggest loser, with $2.7 billion in net outflows since going live.
The various ETFs have underperformed their bitcoin counterparts with over $440 million in cumulative net outflows. In comparison, the first month of spot bitcoin exchange-traded funds saw daily net inflows of about $125 million, as reported, accumulating over $11 billion worth of bitcoin (minus outflows from the Grayscale’s trust-converted GBTC).
BlackRock’s bitcoin fund even made it in the top five of all ETFs, even non-crypto ones, based on 2024 inflows, putting it on similar levels with industry-leading indexing giants like the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO).