BlackRock’s ETHA Ethereum fund becomes third-ever ETF to hit $10 billion in assets within one year

BlackRock’s Ethereum exchange-traded fund, ETHA, is the third-ever ETF to hit $10 billion in assets under management in one year or less, according to Bloomberg ETF Senior Analyst Eric Balchunas. In an X post on Thursday, Balchunas noted that the only other two funds to reach this milestone in a similar timeframe have been BlackRock and Fidelity’s Bitcoin funds. 

“LOOK OUT: $ETHA just hit $10b in one year flat, the 3rd fastest ETF to hit that mark in history after (you guessed it) two bitcoin ETFs $IBIT & $FBTC,” Balchunas said. “Amazingly it went from $5b to $10b in just 10 days (ETF asset equiv of a God candle). Is in Top 5 in flows 1M, 1W.”

The news comes on the heels of major inflows for ETH, ETH funds, and ETH treasury companies as the second-largest cryptocurrency by market capitalization continues to achieve institutional adoption. On Wednesday, for instance, ETH ETFs saw total net inflows of $332.2 million, with ETHA, the BlackRock iShares Ethereum Trust, accounting $324.6 million of that. 

This brings the total cumulative value that has flowed into ETH funds to $8.65 billion across nine tradeable funds in the U.S. The U.S. Securities and Exchange Commission granted preliminary approval to list ETH ETFs in May 2024 and the funds went live for trading almost exactly one year ago, on July 23, 2024. 

Structural demand

ETH is trading at $3,771, about 24% off from the token’s all-time high of $4,878, according to The Block’s price page. Ether has climbed more than 65% in the past month and over 160% since April.

Some experts are seeing signals of institutional capital rotating from market leader Bitcoin into Ethereum. According to SoSoValue, Bitcoin ETFs saw net outflows of $85.96 million on Wednesday. 

Bitwise Chief Investment Officer Matt Hougan estimates that funds and treasury companies have acquired 2.83 million ETH since mid-May, contributing to a “demand shock” for the asset. This doesn’t even account for recent or planned purchases by the cast of Ethereum treasury companies like BitMine Immersion, SharpLink Gaming, Bit Digital, and the soon‑to‑list The Ether Machine.

In an investor note earlier this week, Hougan predicted that ETFs and ETH treasury companies could buy about $20 billion of ether over the next year — roughly 5.33 million coins — against the expected issuance of just 800,000 ETH, nearly a 7‑to‑1 ratio.