BlackRock's ETHA Raises $869.8M Despite Market Turmoil

BlackRock's iShares Ethereum Trust (ETHA) witnessed a substantial inflow of $109.9 million on August 6. This inflow is the highest daily influx for

BlackRock’s iShares Ethereum Trust (ETHA) witnessed a substantial inflow of $109.9 million on August 6. This inflow is the highest daily influx for spot Ethereum ETFs since their launch on July 23rd. The rally comes after Ether’s price declined by 18 percent on August 5.

ETHA’s significant inflow on August 6 takes the total amount raised since the launch to $869.8 million. Even in the recent market volatility, ETHA managed to draw $47.1 million on ‘Black Monday’ when $600 million in leveraged longs were liquidated. This achievement positions ETHA among the six best-performing ETFs launched in 2024.

Nate Geraci, President of The ETF Store, mentioned that ETHA’s performance is excellent and does not have staking returns or options trading. He also named four other top performers, such as BlackRock’s IBIT, as spot Bitcoin ETFs. This highlights the strength and popularity of BlackRock products in the crypto space.

Fidelity’s position, the Ethereum ETF, witnessed the second-highest inflow with $22.5 million. After Fidelity, Grayscale Ethereum Mini Trust and Franklin Ethereum ETF attracted investments of $4.7 million and $1 million, respectively. On the other hand, Grayscale’s higher-fee Ethereum product with the ticker ETHE saw outflows of $39.7 million.

Anthony Sassano, the host of the Ethereum show The Daily Gwei, shared his opinion on the market trends, pointing to the focus on traditional finance. Still, ETHA posted impressive results, with the spot Ether ETFs seeing a combined outflow of $473.9 million due to Grayscale’s ETHE. This shows the different investor preferences that are present in the market.

However, while Ether ETFs saw substantial inflows, US Bitcoin ETFs recorded notable outflows on August 6. The net outflow for Bitcoin ETFs was $149 million, which is the third day of net outflows. Some specific outflows were Grayscale’s ETF GBTC, which took in $32.2 million; Fidelity’s FBTC, which took in $64.5 million; and ARKB, which took in $28.9 million.

Spot Bitcoin ETFs’ total net asset value is now $51.5 billion. This is unlike the trend seen in the inflows into Ether ETFs, which can be attributed to different sentiments among investors in these digital assets. Some factors that may cause the outflows from Bitcoin ETFs include market volatilities in the broader market.

Digital asset investment products recorded an outflow of $528 million in the past week. This is the first decline in the last four weeks, which can be attributed to the fear of a US recession. Geopolitical risks and liquidations affecting various asset classes have also accelerated this trend.

The recent move by the Bank of Japan to increase interest rates for the first time in 17 years has created fears. This decision strengthened Yen’s purchasing power against the US dollar and influenced risk-on asset markets. Also, there are continuing political risk factors in the Middle East, especially the tensions between Israel and other countries.

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