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Highlights
- BlackRock Ethereum ETF has added over 1.23 million ETH so far this month of July.
- The fund’s AUM now exceeds $11.1 billion, with ETHA shares up 50% this month and trading near $30.
- The U.S. SEC has acknowledged BlackRock’s proposal to enable ETH staking within its ETF.
- Ether ETFs now account for 13% of crypto ETF AUM, up from 10% two months ago.
BlackRock Ethereum ETF (ETHA) hits a massive milestone with 3 million ETH holdings after the latest purchase of 59,309 ETH on July 29. The Ethereum fund has been on a massive acquisition spree in July, with assets under management (AUM) now over $11.1 billion. Amid these massive inflows, the ETHA share price is showing strength approaching $30, with 50% gains on the monthly chart.
BlackRock Ethereum ETF Adds 1.23 Million ETH In July
Just as the U.S. Securities and Exchange Commission (SEC) approved in-kind redemptions for Bitcoin and Ethereum ETFs, BlackRock’s iShares Ethereum Trust (ETHA) hit a new milestone. With $223 million in inflows and adding 59,309 ETH to its holdings, the net holdings of the ETHA fund have crossed a massive 3 million. Note that 40% of these purchases over 1.23 million have happened in July, so far this month.
On the other hand, the US SEC acknowledged the ETH staking proposal for the BlackRock Ethereum ETF. Experts predict that the approval can happen by the year-end. This would be a major breakthrough as it will allow US ETF issuers to generate additional yields by staking their ETH, and ultimately pass on extra returns to investors. SEC’s approval would further attract a flood of institutional capital into Ether ETFs.
On Tuesday, the ETHA shares clocked over $1.1 billion in trading volume amid strong traders’ interest. After rallying by more than 50% over the past month, the ETHA share price is now flirting with $30 level.
Ether ETFs Gain Market Share As Bitcoin Dominance Slips
Bloomberg Senior ETF Strategist Eric Balchunas noted that Ether ETFs are rapidly gaining ground, cutting into Bitcoin’s dominance in the crypto ETF market. According to Balchunas, Bitcoin ETFs now hold 82% of total crypto assets under management (AUM), down from 90% just two months ago. Meanwhile, Ether’s share has climbed to 13% and continues to rise.
Despite the momentum, Balchunas maintained his forecast that Ether ETFs are unlikely to exceed a 20% share. Note that BlackRock Ethereum ETF is single-handedly driving most of the inflows for the entire sector. Of the $218 million in net inflows on Tuesday, BlackRock alone contributed $223 million.
Ethereum ETFs saw net inflows of approximately 58,000 ETH yesterday compared to just 2,399 ETH (~$9.1 million) in net new issuance by the Ethereum network. Thus, the ETF demand outpaced the net daily ETH issuance by 24 times. Ethereum price is showing strength and holding above $3,800 as of press time. Whale accumulation for ETH has continued at a good pace during the recent market volatility.
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