BlackRock’s Ethereum ETF Reaches 1 Billion Dollar Mark
Interest in Ethereum-focused exchange-traded funds does indeed appear to be returning to the crypto market. BlackRock’s Ethereum ETF has reached more than 1 billion dollars in total net assets. It is done along the lines of the biggest week inflows since August.
Inflows into the Market Increase
After six weeks of consecutive outflows, US-based spot Ethereum ETFs finally recorded major inflows, recording a single-day tally of $58.7 million this past Friday. The net positive inflow for the week stands at $84.5 million and marks a new wave of investor fervor.
Fidelity’s FETH Leads the Pack
Meanwhile, inflows in Fidelity’s FETH topped with $42.5 million. While that’s impressive, the milestone of BlackRock’s ETHA fund was the most important, as its total value jumped above $1 billion. It’s now only the second Ethereum ETF to have crossed the $1 billion barrier.
Other Funds See Gains
Among other notable funds, positive inflows were seen for Bitwise’s ETHW, Invesco’s QETH, and VanEck’s ETHV. Not all funds fared equally well, though: Grayscale’s ETHE saw outflows amounting to $10.7 million.
SEC Delays Ruling of ETH Options
Meanwhile, the United States SEC has delayed its ruling on Nasdaq’s rule change offering trading options on BlackRock’s iShares ETH Trust, which is expected by November 10.
Ethereum Scales Past Bitcoin
ETH has scaled up faster than Bitcoin in recent times buoyed by increased activities on the blockchain and higher transaction fees that mirrored rising confidence in the second-largest cryptocurrency by market capitalization.
