According to Cointelegraph, BlackRock's spot Ether exchange-traded fund (ETF), known as the iShares Ethereum ETF (ETHA), has rapidly ascended to become one of the fastest-growing ETFs globally. This achievement places it alongside two other cryptocurrency funds in terms of growth speed. Bloomberg ETF analyst Eric Balchunas reported that ETHA has become the third-fastest ETF to reach $10 billion in total assets under management (AUM), achieving this milestone in just 251 days since its launch. Balchunas highlighted the remarkable growth, noting that ETHA doubled its assets from $5 billion to $10 billion in a mere 10 days, describing this surge as akin to a "God candle." This rapid expansion positions ETHA ahead of the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), which took 444 days to reach the same asset level.
The unprecedented growth of ETHA underscores the increasing popularity and demand for spot crypto ETFs, as noted by Nate Geraci, president of NovaDius Wealth Management. Geraci emphasized the significance of this trend, pointing out that the ETF industry has been established for over three decades and comprises nearly 4,400 products. Despite ETHA's impressive growth, BlackRock's spot Bitcoin ETF remains the leader in terms of rapid asset accumulation. Launched in January 2024, the iShares Bitcoin Trust (IBIT) set a record by reaching $10 billion in AUM just 34 days after its debut. Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) followed closely, achieving the same milestone in 54 days.
In recent months, Ether ETFs have experienced a notable increase in inflows, particularly in July, while Bitcoin ETFs have seen a slowdown. Data from SoSoValue indicates that Ether ETFs in the United States have maintained a 14-day inflow streak, accumulating $4.4 billion since July 3. This streak includes a significant daily inflow of $726.7 million, marking the largest since the ETF's launch last July. Conversely, Bitcoin ETFs have encountered challenges, with inflows turning negative on July 21 after a 12-day streak. Since then, U.S. spot Bitcoin ETFs have experienced $289 million in outflows over the past three trading days, according to SoSoValue data. This shift in investor sentiment highlights the dynamic nature of the cryptocurrency ETF market and the evolving preferences of investors.
