BlackRock's Ethereum ETF, known as ETHA, has achieved a remarkable milestone by breaching the $1 billion mark in total asset value just two months after its launch. This achievement is particularly noteworthy as it positions ETHA among the top 20% of the 3,700 ETFs currently available in the US market.
According to data from Sosovalue, the recent inflows into BlackRock's ETHA have significantly contributed to this achievement, especially following a favorable week for crypto ETFs. During this period, both Bitcoin (BTC) and Ethereum (ETH) ETFs experienced multi-week highs, signaling a recovery in the crypto markets.
ETHA is now the second Ethereum ETF to exceed $1 billion in value, following Grayscale's Ethereum Mini Trust. Nate Geraci, President of the ETF Store, emphasized that this milestone showcases BlackRock’s strong position in the crypto ETF landscape.
This upward trend follows a shift in the macroeconomic landscape in the US, influenced by the Federal Reserve's interest rate decisions, which have inspired increased liquidity among investors.
In addition to its Ethereum ETF, BlackRock has also intensified its Bitcoin acquisition efforts. Recent reports indicate that BlackRock purchased more Bitcoin than any other ETF has sold in the past three weeks, acquiring 5,894 BTC valued at approximately $387.68 million.
Robbie Mitchnick, BlackRock’s head of digital assets, highlighted Bitcoin's appeal as a safe-haven asset amid global instability. He noted that Bitcoin's inherent qualities make it a reliable store of value, potentially driving long-term adoption.
