The BlackRock Ethereum ETF has hit a new milestone in net assets amid the latest ETH rally to a six-month high. ETHA becomes the third-fastest to reach this mark, after fellow crypto ETFs IBIT and FBTC. Meanwhile, it comes just as the ETH ETFs turn one.
According to SoSo Value data, ETHA now boasts $10.09 billion in net assets. This follows the daily net inflows of $324.63 million that the fund recorded on July 23. Notably, the $10.09 billion in net assets represent 2.3% of Ethereum’s market cap.
Meanwhile, this development comes just as the BlackRock Ethereum ETF and other spot ETH funds turn one year old, having launched on July 23, 2024. Bloomberg analyst Eric Balchunas highlighted how massive this milestone is for ETHA.
In an X post, he noted that ETHA had just hit $10 billion in one year, becoming the third fastest to reach that mark in history, after two Bitcoin ETFs, BlackRock’s IBIT and Fidelity’s FBTC. Interestingly, the fund increased from $5 billion to $10 billion in just 10 days, a feat that Balchunas described as the “ETF asset [equiv] of a God candle.”
The BlackRock Ethereum ETF is also currently dominating the leaderboard, ranking in the top 5 in bet inflows over the last week and month. ETHA also led these ETH ETFs to their best week since launch last week, taking in $1.76 billion out of the $2.18 billion that these funds recorded last week.
Market expert Nate Geraci also commented on this milestone for ETHA. He also noted that the three fastest ETFs to hit this $10 billion mark are now all spot crypto ETFs. He added how huge this is, considering that the ETF industry has been around for over three decades and has nearly 4,400 products.
The Ethereum ecosystem is currently leading the way, even surpassing Bitcoin, thanks in part to inflows from the BlackRock Ethereum ETF and other spot ETH funds. On-chain analytics platform CryptoQuant noted that, for the first time in over a year, the ETH spot volume is now greater than that of Bitcoin. This development has coincided with the Ethereum price rally to a six-month high of $3,800.
CryptoQuant noted that last week, ETH spot trading hit $25.7 billion against Bitcoin’s $24.4 billion, pushing the ETH/BTC spot volume ratio above one for the first time since 2024. Based on this, the platform declared that investors are rotating to ETH and altcoins.
Indeed, that looks to be the case. It is worth noting that BlackRock Ethereum ETF and other spot ETH funds have recorded fourteen consecutive days of net inflows. Meanwhile, the Bitcoin ETFs are on a three-day streak of net outflows.
There is the likelihood that optimism about the SEC approving the inclusion of staking in these funds has contributed to this feat. BlackRock also just recently filed to include staking in ETHA.
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