U.S. spot Ethereum exchange-traded funds (ETFs) have recorded a historic surge in demand, drawing in over $1 billion in net inflows on August 11. This marks the highest single-day total since their launch in mid-2024. Moreso, Ethereum ETFs have gained for five straight days, locking in one of their longest winning streaks ever.
Leading the chart was BlackRock’s iShares Ethereum Trust (ETHA), which alone attracted approximately $640 million, setting a new daily record for the fund. The Asset management firm now has AUMs exceeding $13 billion as of August 11.
Fidelity’s Ethereum Fund (FETH) also posted strong numbers, netting around $277 million in inflows. In fact, other Ether ETFs, including those managed by Grayscale and asset managers like Bitwise and 21Shares, all posted positive inflows, except for Invesco’s offering.
The wave of institutional interest has shifted the focus from Bitcoin, which was usually referred to as ‘digital gold’, towards Ethereum in the recent past. Nate Geraci, president of the ETF Store, points out how many traditional finance investors are now recognizing Ethereum and calling it the “backbone of future financial markets”.
Interestingly, Ethereum’s price has been hovering near $4,300, its highest level since December 2021. The positive momentum has renewed optimism among traders and investors viewing Ethereum as a portfolio must-have.