NEW YORK, August 7, 2024 — In just 11 trading days, BlackRock’s iShares Ethereum Trust has nearly reached $900 million in total inflows.

On August 6, BlackRock's spot Ether exchange-traded fund (ETF) saw significant inflows totaling $109.9 million, boosting its total inflows to $869.8 million since its launch on July 23. This surge in investment marked the iShares Ethereum Trust’s (ETHA) third largest flow day, reflecting investor interest in Ether following its 18% price drop on August 5.

According to Farside Investors, the $870 million in total inflows places BlackRock’s spot Ether ETF among the top six performing ETFs launched in 2024. Notably, four out of the five top-performing ETFs this year are spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, as noted by Nate Geraci, president of The ETF Store.

On August 5, during a dramatic market downturn that erased over $600 million in leveraged long positions, BlackRock’s ETHA also attracted $47.1 million. Despite this severe market decline, the combined inflows for ETHA on August 5 and 6 alone positioned it in the top 10% of ETFs launched in 2024.

Remarkably, these inflows occurred without the spot Ether ETF issuers offering staking returns or options trading. On August 6, spot Ether ETFs as a whole recorded their highest daily inflow since their launch, with a combined $98.4 million.

Fidelity’s spot Ethereum ETF secured the second largest inflow on August 6, totaling $22.5 million, while the Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw inflows of $4.7 million and $1 million, respectively.

Anthony Sassano, host of Ethereum show The Daily Gwei, remarked on the growing traditional finance (TradFi) interest in Ethereum, stating, “TradFi slurping up that ETH.” In contrast, the Grayscale Ethereum Trust, which has higher fees, was the only spot Ether ETF to experience an outflow, losing $39.7 million.