BlackRock asset management firm has hit a new milestone with its spot Ethereum ETF, ETHA, breaching the $1 billion mark in total asset value in just two months. This achievement follows a favorable week of trading, with Bitcoin and Ethereum ETFs recording multi-week highs as crypto markets recovered.
According to Sosovalue data, BlackRock's ETHA reached this milestone after recent inflows, making it the second Ethereum ETF to surpass $1 billion. Nate Geraci noted that ETHA now ranks among the top 20% of the 3,700 ETFs in the US market.
This milestone comes as crypto ETFs had a favorable week. Bitcoin ETFs saw $1.11 billion in inflows, while Ethereum ETFs recorded $84.6 million, the highest since August. Notably, three out of five trading days had positive net inflows for Ethereum ETFs, marking a second consecutive week of gains.
The renewed optimism stems partly from the Federal Reserve's interest rate decision, inspiring increased liquidity and investor bets on a crypto market recovery. Bitcoin continues to hold well above $65,000.
Concurrent to its Ethereum ETF advancement, BlackRock is ramping up efforts in its Bitcoin portfolio. Data shows BlackRock bought 5,894 BTC over four days, signaling a strong accumulation trend. This buying spree follows three years of skepticism, bringing BlackRock's total Bitcoin holdings to around 365,310 BTC, valued at over $24.039 billion.
Robbie Mitchnick, BlackRock's head of digital assets, believes Bitcoin's scarce, non-sovereign, and decentralized nature can make it a potential flight-to-safety asset amid global instability.
