TLDR
- BlackRock’s iShares Ethereum Trust (ETHA) has accumulated nearly $900 million in inflows since its launch on July 23, 2024.
- Spot Ether ETFs saw a combined inflow of $98.4 million on August 6, their best day since launching.
- ETHA is among the top six best-performing ETFs launched in 2024.
- Despite strong performance from some funds, spot Ether ETFs have seen a combined $473.9 million in outflows when including Grayscale’s ETHE.
- US Bitcoin ETFs experienced outflows for the third consecutive day on August 6, with a net outflow of $149 million.
The recently launched spot Ethereum exchange-traded funds (ETFs) are showing signs of growing investor interest, with BlackRock’s iShares Ethereum Trust (ETHA) leading the pack.
Since its debut on July 23, 2024, ETHA has amassed nearly $900 million in total inflows, positioning it as one of the top-performing ETFs of the year.
On August 6, ETHA recorded its third-largest inflow day, attracting $109.9 million from investors. This surge brought its total inflows to $869.8 million in just 11 trading days.
The significant inflow coincided with a sharp 18% drop in Ether’s price on August 5, suggesting that some investors viewed the dip as a buying opportunity.
The success of ETHA has placed it among the top six best-performing ETFs launched in 2024, according to Nate Geraci, president of The ETF Store. Notably, four of the other top performers are spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust.
After “Crypto Black Monday” (lol) where ETHA took in nearly $50mil…
It vacuums-up approx $110mil today.
That $160mil alone would put it in top 10% of all new ETFs this yr.
ETHA now nearing $900mil inflows 2 weeks in.
Top 6 ETF launch in 2024 (4 of 5 others = spot btc ETFs). https://t.co/JtEIXcu7Yc
— Nate Geraci (@NateGeraci) August 7, 2024
The broader spot Ether ETF market also experienced a strong showing on August 6, with a combined inflow of $98.4 million across various funds.
This marked the best day for these products since their launch. Fidelity’s spot Ethereum ETF secured the second-largest inflow at $22.5 million, while the Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw inflows of $4.7 million and $1 million, respectively.
However, the picture is not entirely rosy for all Ethereum-based products. Grayscale’s higher-fee Ethereum Trust (ETHE) was the only spot Ether ETF to record an outflow on August 6, losing $39.7 million.
When factoring in the $2.2 billion that has left ETHE, the combined spot Ether ETFs have actually seen a net outflow of $473.9 million since their launch.
The cryptocurrency market’s volatility was evident in the days leading up to these inflows. On what some dubbed “Black Monday” for the crypto industry, over $600 million in leveraged long positions were liquidated.
Despite this market turmoil, ETHA managed to attract $47.1 million in inflows on that day alone.
It’s worth noting that these spot Ether ETFs have achieved their current levels of investment without offering additional features such as staking returns or options trading.
While Ethereum-based products have seen mixed results, the Bitcoin ETF market is facing its own challenges. US Bitcoin ETFs experienced significant outflows on August 6, marking the third consecutive day of negative net inflows. The total outflow for the day reached $149 million, with Grayscale’s GBTC, Fidelity’s FBTC, and ARKB all seeing substantial withdrawals.
