Ethereum ETFs Bag $14M Despite Market Weariness
- BlackRock’s ETHA has pulled $1.13 million in cumulative net inflows since launching.
- Ethereum ETFs command $6.51 billion in net assets or 2.27% of ETH’s market cap.
- A decision to approve options trading on ETH ETFs is pending from the U.S. SEC.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have managed to briefly reverse a trend of market exits amid yet another period of increasing market uncertainty.
Ethereum ETFs
As per SoSoValue, Ethereum ETFs have ended a 2-day outflow streak, recording a modest $14.45 million in net inflows for Oct. 2.
Ethereum ETF flows. Source: SoSoValueToday’s top-gainer is top-performing BlackRock’s iShares Ethereum Trust (ETHA) which recorded $18.04 million in net inflows. The fund’s cumulative inflow now stands at $1.16 billion, more than double that of its nearest competitor, Fidelity.
Making an exceptionally rare appearance is the Franklin Ethereum Trust (EZET) with a humble $1.81 million in net inflows. This marks its largest inflow since July 30, and its first day of inflows since Aug. 26.
No day of crypto ETF would be complete without another day of outflows from the Grayscale Ethereum Trust (ETHE), which dropped $5.4 million in net outflows. So far, ETHE has seen a cumulative net outflow of $2.94 million and not a single day of inflows.
BlackRock on ETH ETFs
At present, BlackRock commands the most successful Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which commands over $22 billion in net assets. Its ETH ETF currently has $941.87 million after briefly peeking above $1 billion.
According to BlackRock’s head of digital assets, Robert Mitchnick, the performance of ETHA so far has been “underwhelming.” At least when compared to IBIT. Speaking a couple of days ago at the Messari Mainnet conference, Fortune reported Mitchnick saying:
“It’s very rare that you see an ETF get to a billion AUM in seven weeks, as ETHA did. In most cases, it takes multiple years to never for a new ETF to get to a billion.”
But, he also thinks that ETH is a harder investment story for “investors to digest,” explaining there’s still some work to do when it comes to educating their clients. All in all, he concedes its “still a pretty good start.”
Most notably, the roaring success of IBIT, and Fidelity’s FBTC for that matter, have landed the pair in the top ten ETFs launched this decade. That’s a pretty big deal, considering their launch in January 2024. No other ETFs launched in 2024 appear on this list .
Ethereum (ETH) Price
After briefly regaining ground lost between August and mid-September , ETH has been unable to keep itself above the pivotal $2,600 price level. Upon surging tension in the Middle East, stock and crypto markets alike were rocked, which then plunged ETH from around $2,650 to where it currently trades at $2,360.
Against 2024’s seemingly never-ending spiral of increasingly frequent geopolitical and macroeconomic events, the crypto markets have been faring pretty well. Bullish developments are on the way, including a possible listing of options trading on Ethereum ETFs, and a Ripple (XRP) ETF decision .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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