BlackRock’s Ethereum ETF has a total value that goes over $1 billion thanks to renewed interest
The US market for spot Ethereum exchange-traded funds (ETFs) has experienced a change in investor sentiment, as evidenced by the greatest weekly inflows since early August.
The surge signifies the conclusion of a six-week period of consecutive outflows, indicating a resurgence in investor enthusiasm.
SoSoValue data indicates that spot Ethereum ETFs domiciled in the United States experienced a total of $58.7 million in inflows on Friday.
This enabled the funds to break a six-week cycle of net outflows, resulting in a net positive inflow of $84.5 million for the week.
BlackRock’s ETHA fund attracted $11.5 million, while Fidelity’s FETH fund led the charge with a one-day inflow of $42.5 million.
The ETHA fund of BlackRock achieved an extraordinary milestone, despite the fact that Fidelity’s fund recorded the highest single-day inflow.
The fund’s total net asset value surpassed $1 billion within two months of its debut, making it the second Ethereum ETF to achieve this milestone, following Grayscale’s Ethereum Mini Trust.
According to Nate Geraci, president of The ETF Store, the accomplishment positions BlackRock’s Ethereum ETF in the top 20% of the more than 3,700 ETFs available in the US market.
Other funds also experienced gains on Friday, with Bitwise’s ETHW receiving $5.4 million, Invesco’s QETH attracting $4.3 million, Grayscale’s ETH recording $2.3 million, VanEck’s ETHV taking in $2.0 million, and 21Shares’ CETH seeing $1.4 million in inflows.
Nevertheless, not all funds experienced the same level of benefits. Grayscale’s ETHE experienced $10.7 million in outflows, whereas Franklin’s EZET did not experience any changes in inflows or outflows.
Last week, the funds experienced positive inflows for the second time since their introduction in late July, with inflows recorded on three of the five trading days.
The current total net asset value of all Ethereum ETFs is $7.4 billion, the highest since August 26. Ethereum’s price has outperformed Bitcoin, suggesting that the Federal Reserve’s recent rate cut has increased market confidence.
In addition, the increasing activity of blockchains has resulted in a rise in transaction fees, which is indicative of the increasing interest in the world’s second-largest cryptocurrency by market capitalization.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Nasdaq’s proposed rule change to list and trade options on BlackRock’s iShares Ethereum Trust (ETHA).
The SEC’s judgement, which was initially anticipated to be made by September 26, has been postponed until November 10.
The agency stated that the postponement enables it to evaluate the potential effects of such a move on market stability, as previously reported.
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