BlackRock’s ETHA Becomes First Ethereum ETF to Cross $1B in Net Inflows

• BlackRock's iShares Ethereum Trust (ETHA) has surpassed $1 billion in cumulative net inflows, making it the first among 11 issuers to reach this milestone.
• Ethereum ETFs as a whole have seen cumulative net outflows of over $440 million, underperforming compared to bitcoin ETFs, with BlackRock's bitcoin fund even ranking among the top five ETFs for 2024 inflows.

BlackRock’s iShares Ethereum Trust (ETHA), its spot ether exchange-traded fund (ETF), on Tuesday became the first among a cohort of 11 issuers to cross the landmark $1 billion in net inflows, data shows.

ETHA holds over $860 million in net assets, surpassed only by Grayscale’s mini ether trust (ETH) and Ethereum trust (ETHE).

ETHA’s net inflows are more than the next three highest ETF inflows combined, SoSoValue data shows. Fidelity’s FETH has taken on a total of $367 million since the funds went live July 23, Bitwise’s ETHW has taken $310 million and Grayscale’s ETH has taken on $227 million.

Other ETFs have recorded less than $60 million in net inflows, the data shows. Meanwhile, Grayscale’s ETHE – converted from an institutional-only trust product – has been the biggest loser, with $2.7 billion in net outflows since going live.

The various ETFs have underperformed their bitcoin counterparts with over $440 million in cumulative net outflows. In comparison, the first month of spot bitcoin exchange-traded funds saw daily net inflows of about $125 million, as reported, accumulating over $11 billion worth of bitcoin (minus outflows from the Grayscale’s trust-converted GBTC).

BlackRock’s bitcoin fund even made it in the top five of all ETFs, even non-crypto ones, based on 2024 inflows, putting it on similar levels with industry-leading indexing giants like the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO).