Ethereum ETF gets off to a solid start, gaining $5 million on the week

Ethereum ETFs, a new investment class that rivals traditional assets, have now become the second largest token within reach of general consumers and institutional investors.

The Ethereum ETH ETF received significant net capital inflows at the start of the week. On Monday, ETH USD net new funds reached $5 million. After a tumultuous week that saw Ethereum prices first fall sharply and then rise sharply, the new week is off to a rather promising start.

Ethereum price remained stable on Tuesday, hovering around a flat line. Ethereum’s unit price is around $2,650, down 2.4% in the past 24 hours, but still above last week’s low of $2,100, a decline that has wiped out almost all of this year’s gains. As the world's most powerful cryptocurrency, Bitcoin has risen 34% this year and was trading near $60,000 at the beginning of this week.

Returning to the topic of Ethereum ETFs, BlackRock’s iShares Ethereum Trust (ETHA) is on the verge of reaching $1 billion in total capital inflows, ahead of nine ETH ETFs from other issuers. The spot Ethereum exchange-traded fund, which began trading in July, initially had a total asset value of $10.2 billion. So far, data shows total net outflows of about $400 million, mainly due to $2.3 billion in customer redemptions after digital asset manager Grayscale converted its Ethereum fund into a spot Ethereum ETF.