BlackRock’s iShares Ethereum Trust approaches $1 billion in net inflows.
NAIROBI (CoinChapter.com) BlackRock’s iShares Ethereum Trust (ETHA) is on the cusp of exceeding $1 billion in net inflows, a significant milestone in the cryptocurrency ETF space.
According to Morningstar, ETHA has received around $992 million in net inflows, putting it on track to become the first Ether exchange-traded fund to reach the billion-dollar milestone.
ETH ETF Gains Traction Amid Declining Market Dominance.
Despite Ethereum’s falling market share, BlackRock’s iShares Ethereum Trust continues to draw investors.
According to Glassnode, Ethereum’s dominance has decreased from 16.8% to 15.2% when the FTX collapsed in November 2022.
However, ETHA’s net assets had reached $837.8 million as of lunchtime on August 21, indicating substantial investor interest.
The cryptocurrency market domination graphic depicts Bitcoin’s growing dominance.
Source: Glassnode.
ETHA’s approach to $1 billion in net inflows reflects growing investor trust in Ethereum-based ETFs. Morningstar data reveal that ETHA’s net inflows exceed the combined sum of the next three largest Ethereum ETFs, owing to interest from registered investment advisors (RIAs).
BlackRock’s iShares Ethereum Trust leads the market.
While BlackRock’s iShares Ethereum Trust approaches this historic milestone, it also shows the competitive landscape for cryptocurrency ETFs. According to SoSoValue data, Ethereum ETFs have had net outflows of over $440 million, in striking contrast to ETHA’s healthy inflows.This disparity reinforces BlackRock’s leadership in the market, as its Ether ETF outperforms rivals such as Fidelity’s FETH and Bitwise’s ETHW.
Cryptocurrency net inflows and market data for August 20, 2024
Source: SoSoValue
With rising interest from RIAs and an imminent milestone, BlackRock’s iShares Ethereum Trust is well-positioned to maintain its dominance in the Ethereum ETF market. This increased momentum could pave the way for future advances in the larger bitcoin ETF industry.
Furthermore, the approaching $1 billion milestone highlights BlackRock’s ETH’s performance and points to a broader shift in the market’s focus on Ethereum-based products.
Consequently, investors are increasingly seeking exposure to the digital asset ecosystem through established and trusted financial instruments.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
x : cryptomantr