London, Aug 21 — BlackRock’s iShares Ethereum Trust (ETHA) has made history by becoming the first Ethereum exchange-traded fund (ETF) to cross the $1 billion mark in net inflows. ETHA leads the charge among 11 Ethereum-focused ETFs, cementing its position in the rapidly growing crypto investment space.

ETHA currently holds over $860 million in net assets, second only to Grayscale’s mini Ether trust (ETH) and Ethereum trust (ETHE). Its inflows have outpaced the combined total of the next three highest Ethereum ETF inflows, according to SoSoValue data. Fidelity’s Ethereum ETF (FETH) follows with $367 million in net inflows since its launch in July 2024. Bitwise’s ETHW and Grayscale’s ETH have also seen substantial inflows, with $310 million and $227 million, respectively. However, other Ethereum ETFs have struggled, recording less than $60 million in net inflows.

(SoSoValue)

On the other hand, Grayscale’s Ethereum trust (ETHE), which was recently converted from an institutional-only trust product, has experienced significant outflows, losing $2.7 billion since going live.

While Ethereum ETFs have faced challenges, they still trail behind their Bitcoin counterparts. Ethereum ETFs have seen over $440 million in cumulative net outflows compared to Bitcoin ETFs, which reported daily net inflows of around $125 million during their first month, accumulating over $11 billion in Bitcoin assets.

BlackRock’s success with ETHA mirrors its triumph in the Bitcoin space. BlackRock’s Bitcoin ETF ranked among the top five crypto and non-crypto ETFs for 2024 inflows. This places it alongside industry giants like the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO), showcasing the increasing mainstream acceptance of crypto-based investment products.