As a seasoned researcher with over two decades of experience in the financial industry, I find myself both amazed and intrigued by the rapid growth of the BlackRock Ethereum ETF (ETHA). Despite the turbulent global market conditions this year, ETHA has managed to carve out a significant niche for itself, attracting massive inflows that put it in contention for one of the top 10 ETF launches of 2024.
In contrast to the challenging economic conditions worldwide this week, there has been a surge of investments into Ethereum-based exchange-traded funds (ETFs). Notably, BlackRock’s ETHA ETF has taken the lead, recording inflows exceeding $108 million on August 6th, significantly outperforming other options in the market.
BlackRock Ethereum ETF Leads the Inflows
On a day when Japan’s Nikkei and Topix Indexes plummeted by an astounding 12%, the BlackRock Ethereum ETF (ETHA) surprisingly attracted approximately $57 million in investments. The following day, total investments in all spot Ether ETFs doubled to $99 million, even as Grayscale ETHE experienced outflows of $39.7 million. Additionally, the Fidelity Ether ETF FETH also recorded inflows worth $22 million.
According to Nate Geraci, President of ETF Store, the BlackRock Ethereum ETF may join the ranks of the top 10 most successful ETF launches in 2024 due to significant investments. Already, BlackRock’s Bitcoin ETF (IBIT) is among the top ten ETF launches this year. Moreover, the outflows for the Bitcoin ETF have decreased recently, suggesting promising trends ahead.
After “Crypto Black Monday” (lol) where ETHA took in nearly $50mil…
It vacuums-up approx $110mil today.
That $160mil alone would put it in top 10% of all new ETFs this yr.
ETHA now nearing $900mil inflows 2 weeks in.
Top 6 ETF launch in 2024 (4 of 5 others = spot btc ETFs).
— Nate Geraci (@NateGeraci) August 7, 2024
Nasdaq Seeks Approval for ETHA Options Trading
On Tuesday, August 6th, the Nasdaq International Securities Exchange, in collaboration with BlackRock, suggested a modification to the U.S. Securities and Exchange Commission (SEC) for permitting options trading on the iShares Ethereum Trust (ETHA). According to the submission made to the SEC, this proposal was outlined in the document.
“The Exchange thinks that making options available for the Trust is advantageous to investors because it provides them with an extra, more affordable way to invest in Ether, and also offers them a tool to manage risks related to Ether products and investments.”
1) Remarks on the proposal need to be submitted within 3 weeks after it’s filed. A decision by the U.S. Securities and Exchange Commission (SEC) on the proposal is expected around early April 2025. On a Tuesday, the price of Ethereum rebounded above $2,500, and the market as a whole saw a robust recovery as concerns about a US recession began to ease. Seasoned cryptocurrency figures like Justin Sun have been purchasing Ethereum at its dips.
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2024-08-07 07:19