BlackRock’s Ethereum exchange-traded fund (ETF) experienced a significant boost in investor interest last Friday, with $70.2 million in inflows, bringing its total to over $4.6 billion since inception.
Key Highlights
- The fund’s inflows accounted for 40% of the net flows across all US ETF issuers last week, according to data from Bloomberg Intelligence.
- BlackRock amended the S-1 filing for ETHA earlier this month to allow in-kind redemption, which may have contributed to the increased inflows.
Industry Developments
Asset managers are now advocating for the Securities and Exchange Commission (SEC) to introduce staking to Ether ETFs soon. Notably:
- RexShares has filed a prospectus with the SEC to incorporate staking capabilities directly into Ether ETF products in the United States, pending regulatory approval.
- BlackRock is also in favor of this initiative and is preparing an application to be submitted later this year or early next year.
Market Trends
Investors are showing growing interest in Ethereum-based products as spot Bitcoin prices remain relatively stable compared to other cryptocurrencies like ether (ETH). However, spot Bitcoin exchange-traded funds have seen significant outflows over the past two trading sessions, totaling around $616 million on Friday.
An industry expert noted that there is increasing demand from both investors and asset managers for more flexible investment options. The push for staking in Ethereum ETFs continues as investors seek more opportunities within the cryptocurrency market.
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