No demand? BlackRock’s ETH Fund Enters Top 6 ETF Launches of 2024

BlackRock has been proving pundits wrong amid claims that there has been little or no demand for Ethereum spot ETFs,

The asset manager’s ETHA ETF received another $108.4 million in daily inflows on August 6. This comes in the same week that the underlying asset depreciated by around 25%.

On “Crypto Black Monday,” the fund took in $47 million, bringing its total inflows to about $868 million in just two weeks.

“That $160 million alone would put them in the top 10% of all new ETFs this year,” exclaimed ETF Shop President Nate Geraci in a post on X on Aug. 7.

No demand? Yes, good!

In the post he titled “No Demand,” Geraci added that this puts the BlackRock ETHA fund among the top six ETF launches this year in terms of inflows.

After “Crypto Black Monday” (lol) where ETHA made almost $50 million…

Today it aspires to about 110 million dollars.

That $160 million alone would put it in the top 10% of all new ETFs this year.

ETHA now hits $900M entry in two weeks.

Top 6 ETFs launch in 2024 (4 of 5 more = spot btc ETFs). https://t.co/JtEIXcu7Yc

— Nate Geraci (@NateGeraci) August 7, 2024

BlackRock’s big entry brings the total to $98.4 million on another positive day for ETH ETFs as institutional investors buy the dip.

Bloomberg senior ETF analyst Eric Balchunas simply exclaimed, “Maniacs.”

Maniacs https://t.co/yNuoc1YXFh

— Eric Balchunas (@EricBalchunas) August 6, 2024

Fidelity’s FETH fund had $22.5 million, and the only exits were from Grayscale’s ETHE, which lost $39.7 million.

Meanwhile, spot demand for ETH remains somewhat flat with prices hovering around $2,500 over the past day following the asset’s epic drop earlier this week.

In late July, just after the launch of spot ETH ETFs, USD News reported that six of the ten best-performing ETFs so far in 2024 were crypto-related.

However, local Bitcoin ETFs saw another day of outflows, with $148.6 million leaving the products as a whole on August 6, according to preliminary data from Farside Investors.

Spot ETH Options ETF

On August 6, BlackRock and Nasdaq proposed a rule change for listing and trading options for BlackRock’s spot Ethereum ETF.

Crypto options differ slightly from cash funds in that they give investors the right to buy or sell the ETF at a predetermined price on a certain date. The file said:

“The exchange believes that offering options on the Trust will benefit investors by providing them with an additional and relatively lower cost investment tool to gain exposure to spot Ether.”

Nasdaq and BlackRock’s filing to add options to Ethereum ETFs has hit the SEC site. The SEC’s final decision on this will likely be around April 9, 2025.

(SEC isn’t the only decision maker on adding options here. OCC and CFTC also need approval) https://t.co/K4HunUPp7S pic.twitter.com/5kQH0mljTz

— James Seyffart (@JSeyff) August 6, 2024

The SEC took a look at Ethereum ETFs from giants like BlackRock, Fidelity and Franklin Templeton, “showing the general acquisition of ETH,” Mario Nawfal commented on the latest news.

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