BlackRock Ethereum ETF Hits New Milestone, Net Inflows Turn Positive

On Tuesday, July 30, the net inflows for the spot Ethereum ETFs trading in the US turned positive with the BlackRock Ether ETF ETHA playing a crucial role with $118 million in inflows alone. The Ethereum price has remained stable amid these developments and is flirting around $3,300 as of press time.

BlackRock Ethereum ETF Hits New Milestones

Ever since the launch, BlackRock’s iShares Ether ETF has seen inflows every single day. As a result, the total ETHA inflows have now crossed more than $618 million in just six trading sessions, as per data from Farside Investors.

Additionally, the iShares Ether ETF has managed to secure a spot among the top 15 ETFs by inflows, as per data from ETH Store President Nate Geraci. With more than 330 ETFs launched so far in 2024, the iShares Ether ETF’s performance is outstanding. Nate Geraci also stated that the the top four inflows have been dominated by spot Bitcoin ETFs.

Furthermore, BlackRock CIO Samara Cohen said that model portfolios could seek exposure to Ether ETFs by the year-end.

On the other hand, the Grayscale Ethereum ETF (ETHE) has continued to see outflows for the sixth consecutive trading day. On Tuesday, the ETHE outflows stood at $120 million taking the total outflows to more than $1.8 billion.

However, Grayscales mini-ETH and Fidelity FETH saw inflows of $12.4 million and $16.4 million on Tuesday respectively. Thus, the net flows turned positive on Tuesday to the tune of $33.7 million.

The good thing is that the outflows from the Grayscale Ethereum Trust (ETHE) have been subsiding with every passing day and we could be seeing sub $100 million outflows very soon, said Mads Eberhardt a senior crypto analyst at Steno Research.

Also Read: Grayscale Bitcoin ETF (GBTC) Plummets 11% Ahead BTC Mini Trust Distribution

ETH Action Moving Ahead

Amid the ETF outflows, the Ethereum price has continued to stay under pressure slipping over 4.5% over the last week. At press time, ETH is trading at $3,281 with a market cap of $394 billion.

Market analysts believe that ETH could continue to show sideways action throughout August before finally breaking out in September. The Fed rate cut in September could be a major catalyst in the ETH price rally. Analysts also believe that the post-ETF rally for ETH could outshine Solana’s gains.

Also Read: Mt. Gox Transfers 45,511 Bitcoins to Repay Creditors, BTC Selloff Looms

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.