- Surpassing $1 billion in cumulative net inflows, BlackRock’s iShares Ethereum Trust (ETHA) stands out as the pioneer among 11 issuers to hit this impressive benchmark.
- While Ethereum ETFs collectively have experienced over $440 million in net outflows, falling behind their bitcoin ETF counterparts, BlackRock’s bitcoin fund ranks among the top five ETFs by inflows in 2024.
On Tuesday, data revealed that BlackRock’s iShares Ethereum Trust (ETHA), a spot ether exchange-traded fund, became the first in a group of 11 issuers to cross the significant threshold of $1 billion in net inflows.
Asset Holdings and Market Position
ETHA’s net assets exceed $860 million, with only Grayscale’s mini ether trust (ETH) and Ethereum trust (ETHE) holding more in terms of assets under management.
Net Inflows Among Ethereum ETFs
According to SoSoValue data, ETHA’s net inflows outstrip those of the next three largest ETFs combined. Since their launch on July 23, Fidelity’s FETH accumulated $367 million, Bitwise’s ETHW secured $310 million, and Grayscale’s ETH drew in $227 million.
Trailing Performers and Market Shifts
Several other ETFs have managed to attract less than $60 million in net inflows, as the data indicates. Notably, Grayscale’s ETHE — transitioned from an institutional-only trust — endured the steepest decline, suffering $2.7 billion in net outflows since inception.
Additional Insight: Ethereum’s market capitalization currently hovers around $200 billion, representing roughly 18% of the total cryptocurrency market cap, while Bitcoin dominates with approximately 40%.
Performance Contrast with Bitcoin ETFs
The Ethereum ETF segment has lagged noticeably behind bitcoin ETFs, accumulating net outflows exceeding $440 million. By contrast, the inaugural month for spot bitcoin ETFs saw daily net inflows averaging $125 million, tallying more than $11 billion in bitcoin assets, excluding outflows from Grayscale’s trust-converted GBTC.
BlackRock’s Bitcoin Fund Among Industry Leaders
Interestingly, BlackRock’s bitcoin fund secured a spot among the top five ETFs across all sectors—crypto and non-crypto alike—based on 2024 inflow figures. This achievement places it alongside titans of indexing such as the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO), underscoring the fund’s broad appeal and robust investor confidence.
