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BlackRock's Ethereum ETF ETHA reaches a billion dollars in assets under management, can ETH attract more funds

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The President of ETF Store, Gate Geraci, tweeted that the assets under management of the iShares Ethereum ETF (ETHA) by BlackRock have exceeded $1 billion, currently ranking it in the top 20% of all 3,700+ ETFs.

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BlackRock's ETHA surpasses $1 billion in assets

According to SoSoValue statistics, the total assets under management of nine Ethereum spot ETFs in the United States amount to $74.4 billion, accounting for 2.3% of Ethereum's total market value. Despite Grayscale's ETHE seeing outflows of $29 billion, it still holds the top spot with current assets of $45.1 billion, while its spun-off Grayscale Ethereum Mini Trust (ETH) has assets totaling $10.6 billion. BlackRock's ETHA is currently in third place, having attracted $11.3 billion in funds, with assets reaching $10.4 billion.

Overall, influenced by Grayscale, Ethereum spot ETFs have seen a net outflow of $520 million since their launch.

Ethereum ETF and ETH Trends

Looking back at the Ethereum spot ETF application process, since BlackRock joined the battle in November 2023, ETH has surged from its lows to break through $2,000, reaching a recent high of $4,093 in March. With the SEC's approval of the 19b-4 form in May and the official listing on 7/23, ETH's trend seems to be heading towards a "sell the news" market, dropping to around $2,100 in August, showing how much expectations can influence ETH's price.

Recent failures in Ethereum spot ETF options, coupled with concerns about the long-term value of Ethereum, have raised doubts about whether the so-called "digital silver" Ethereum can attract more funds, potentially posing the biggest challenge to ETH's price increase.