US-based spot Ether exchange-traded funds marked their one-year trading anniversary on Wednesday amid a three-week run of inflows that included some of their strongest days to date.
The US Securities and Exchange Commission approved the spot Ether (ETH) ETFs to begin trading on July 23, 2024, with funds from BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, Invesco and two from Grayscale hitting the market.
In the 12 months since, those nine ETFs have taken in total net inflows of about $8.69 billion and command assets under management of $16.57 billion, according to CoinGlass.
Nearly half of the total net inflows, about $3.9 billion, has come from an unbroken inflow streak over the last 14 trading days.
ETH has struggled over the last year to break above its nearly $4,900 all-time high set in November 2021 as Bitcoin (BTC) has soared; it has traded in a wide range between highs of $4,000 in December to lows of $1,500 in April.
The Ether ETFs are often overshadowed by their Bitcoin counterparts, which launched in early 2024 and have taken in nearly $54.5 billion in net inflows.
ETH is currently trading above $3,600, having fallen slightly on the day, but is up over 8% in 12 months, per CoinGecko.
One year in daily inflow seventh-best since launch
US Ether ETFs marked their first trading birthday by notching their seventh-best day of inflows ever, taking in $332.2 million on Wednesday.
NovaDius Wealth Management president Nate Geraci said on X that six of the ETF’s top seven inflow days happened in the past two weeks.
The funds together had their best-ever inflow day on July 16, taking in $726.6 million.
BlackRock’s ETF helps plug Grayscale bleed
BlackRock’s Ether ETF — the iShares Ethereum Trust ETF (ETHA) — has received the lion’s share of net flows over the past year, taking in $8.9 billion.
That’s helped to prop up total net outflows of nearly $4.3 billion from the Grayscale Ethereum Trust ETF (ETHE). The fund first launched as a trust in 2017 before converting to an ETF, and its investors have fled as the fund has traded closer at less of a discount compared to its net asset value.
Related: Ether emerges as winner after crypto’s ‘watershed moment’: Bitwise
Geraci said on X that “nearly 1,000 ETFs have launched” since the ETH funds went live and BlackRock’s ETH fund “leads all of them in inflows.”
Staking greenlight the next phase for Ether ETFs
Ether ETF issuers are now looking to add staking to their funds, which are rewards the Ethereum blockchain gives to those who lock up their ETF to secure the network.
Analysts have predicted the SEC could approve ETFs with staking as early as this month and act early on other crypto ETFs, like those that track a basket of cryptocurrencies or Solana (SOL).
The first-ever ETF with staking launched earlier this month, jointly issued by REX Shares and Osprey Funds; it holds Solana and stakes it to pass on the rewards to the fund’s investors.
Trade Secrets: High conviction that ETH will surge 160%, SOL’s sentiment opportunity
