BlackRock Ethereum ETF Total Assets Surpass $1 Billion
3 min readThe U.S. Ethereum spot exchange-traded fund (ETF) market is experiencing a change in investor sentiment, with the market recording its largest weekly inflow since early August.
The surge signals the end of six weeks of outflows and shows that investor enthusiasm is running high again.
According to data from SoSoValue, US Ethereum spot ETFs saw a total inflow of $58.7 million on Friday alone.
This helped the company achieve net inflows of $84.5 million for the week, breaking a six-week streak of net outflows.
Fidelity’s FETH Leads Net Inflows
Fidelity’s FETH fund led the way with $42.5 million in daily inflows, followed by BlackRock’s ETA fund with $11.5 million.
Fidelity’s fund saw the biggest inflows during the day, but it was BlackRock’s ETA fund that outperformed.
It became the second Ethereum ETF to surpass $1 billion in total net asset value, following Grayscale’s Ethereum Mini Trust, just two months after its launch.
This achievement puts BlackRock’s Ethereum ETF in the top 20% of over 3,700 ETFs available in the U.S. market.
Other funds also saw gains on Friday, with Bitwise’s ETHW taking in $5.4 million, Invesco’s QETH taking in $4.3 million, Grayscale’s ETH taking in $2.3 million, VanEck’s ETH taking in $2 million, and 21Shares’ CETH taking in $1.4 million.
However, not all funds experienced similar gains, with Grayscale’s ETH seeing $10.7 million in outflows, while Franklin’s EZET saw little change in inflows or outflows.
Net inflows were recorded on three of the five trading days last week, marking the second week of net inflows since the funds were launched in late July.
The total net asset value of global Ethereum ETFs currently stands at $7.4 billion, the highest since August 26.
The recent Federal Reserve rate cut appears to have boosted market confidence as Ethereum price outperforms Bitcoin.
Additionally, the increase in blockchain activity has led to a surge in transaction fees, reflecting increased interest in Ethereum, the world’s second-largest cryptocurrency by market cap.
SEC Delays Decision on ETH ETF
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on a rule change regarding Nasdaq’s application to list and trade options for BlackRock’s iShares Ethereum Trust (ETHA).
The SEC’s decision, originally scheduled for September 26, has now been pushed back to November 10.
The SEC said it delayed the filing to allow it to more closely examine the potential impact BlackRock’s rule change could have on market stability, according to the report.
The SEC’s decision to postpone is not uncommon
Pursuant to Section 19(b)(2) of the Securities Exchange Act, the SEC is authorized to extend the review period for up to 90 days to allow the SEC to thoroughly evaluate the potential risks and benefits of this application.
The decision comes shortly after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT) under amendments aimed at addressing concerns about market manipulation and excessive risk-taking.
In addition to delaying its ruling on BlackRock’s Ethereum options, the SEC also delayed its decision on a proposal from New York Stock Exchange American LLC.
