Ethereum ETF $ETHA Surpasses $1B in Cumulative Net Inflows on BlackRock’s Crypto Path
BlackRock, a major player in investment management, continues to assert its dominance in the cryptocurrency exchange-traded funds (ETFs) space. Recently, BlackRock’s $ETH ETF, $ETHA, achieved a significant milestone by reaching $1 billion in cumulative net inflows, making it the first among issuers of spot Ethereum ETFs to achieve this feat.
According to data from the financial research platform SosoValue, BlackRock’s $ETHA crossed the $1 billion mark in cumulative net inflows on Wednesday, outpacing the competition. Other U.S. Ethereum ETFs have not even come close to reaching $500 million in cumulative net inflows, highlighting BlackRock’s substantial lead in Ether ETFs.
In comparison, Fidelity’s $FETH is the closest contender to BlackRock’s $ETHA, with cumulative net inflows exceeding $375 million. However, BlackRock’s Ether ETF has set a high bar for others to follow. Bitwise’s $ETHW holds the third position with over $310 million in net inflows, followed by Grayscale’s #ETH with over $232 million in inflows.
BlackRock’s dominance extends beyond Ethereum to Bitcoin ETFs, with its $IBIT leading as the largest spot Bitcoin ETF in the U.S. market. The ETF has garnered over $20 billion in cumulative net inflows, maintaining its popularity among institutional and retail investors. In comparison, Fidelity’s $FBTC and Grayscale’s $GBTC have accumulated nearly $10 billion and over $19 billion in cumulative net outflows, respectively.
The news of BlackRock’s achievement comes amidst speculation that the investment giant could surpass the reported holdings of Bitcoin creator Satoshi Nakamoto. While Nakamoto is believed to own around 1.1 million Bitcoins, BlackRock, through its $IBIT ETF, currently holds over 347,000 BTC, raising the possibility of overtaking Nakamoto’s holdings in the future.
Despite its success with Ethereum and Bitcoin ETFs, BlackRock’s chief investment officer for ETF and index investment, Samara Cohen, has indicated that the company has no immediate plans to pursue other crypto ETFs. Cohen emphasized that only Bitcoin and Ethereum currently meet the necessary standards for a viable crypto ETF. However, competitor VanEck has filed for a spot Solana ($SOL) ETF, awaiting regulatory approval from the U.S. Securities and Exchange Commission (SEC).
While BlackRock may not be exploring other crypto ETFs in the near future, the approval of Solana ETFs in Brazil could spark interest in a $SOL ETF down the line. Brazil recently approved its second $SOL ETF, signaling growing acceptance and potential opportunities in the cryptocurrency market.
