New York, Tuesday, October 01, 2024-BlackRock’s spot Ethereum ETF has reached a significant milestone, surpassing $1 billion in total asset value just two months after its launch. This achievement follows a favorable week of trading, with U.S.-based spot Ethereum exchange-traded funds (ETFs) logging their highest weekly inflows since early August.
Friday (27) saw $58.7 million in inflows for these funds, marking their second week of positive net inflows after a six-week streak of outflows. BlackRock’s ETHA fund hit the $1 billion mark following an $11.5 million inflow, placing it among the top 20% of the 3,700 ETFs on the U.S. market. This comes after Fidelity’s FETH fund led Friday’s inflows with $42.5 million.
In total, Ethereum-based ETFs now hold $7.4 billion in net assets, the highest level since late August. The renewed optimism towards Ethereum, fueled by recent Federal Reserve rate cuts, has contributed to this growth, with transaction fees surging amid increased blockchain activity.
