Big Win: BlackRock’s Ethereum ETF Attracts $108 Million Flows In While Nasdaq Explores ETHA Options Trading
In the midst of global macroeconomic challenges this week, there has been a notable surge in inflows for spot Ethereum ETFs, with BlackRock’s ETHA emerging as the top performer. Specifically, on Tuesday, August 6, the BlackRock Ether ETF attracted over $108 million in inflows, significantly surpassing its counterparts.
BlackRock Ethereum ETF Ahead
Notably, despite the considerable downturn in Japan’s Nikkei and Topix Indexes on “Black Monday,” the BlackRock Ethereum ETF (ETHA) managed to secure more than $57 million in inflows. On the following day, total net inflows across all spot Ether ETFs doubled to $99 million, notwithstanding Grayscale ETHE’s $39.7 million in outflows. Fidelity’s Ether ETF FETH also experienced an influx of $22 million.
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Nate Geraci, President of ETF Store, expressed his view that the BlackRock Ethereum ETF’s substantial inflow positions it to be among the top 10% of ETF launches in 2024. This confidence is bolstered by the existing success of BlackRock’s Bitcoin ETF IBIT, which ranks within the top ten ETF launches for the year. Moreover, outflows from the Bitcoin ETF have displayed a decreasing trend, hinting at positive prospects ahead.
Nasdaq Potential Approval for ETHA Trading
On Tuesday, August 6, the Nasdaq International Securities Exchange and BlackRock proposed a rule change to the US SEC to enable options trading of the iShares Ethereum Trust (ETHA). The proposal submitted to the SEC outlines the potential benefits for investors, offering a lower-cost investing tool and a hedging vehicle for ether products and positions.
Interested parties have 21 days from the filing date to submit comments on the proposal. The decision by the US SEC on the proposal is expected around early April 2025. Meanwhile, on Tuesday, the price of Ethereum rebounded above $2,500, and the global market exhibited a robust recovery, alleviating concerns of a US economic downturn. Additionally, notable figures in the crypto market, such as Justin Sun, have been capitalizing on opportunities presented by the Ethereum market fluctuations.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
