The BlackRock ETH ETF, ETHA, has reached a significant milestone, hitting $10 billion in assets under management (AUM). This makes it the third-fastest growing product to reach this milestone, following in the footsteps of two spot BTC ETFs. The rapid growth of ETHA has caught the attention of industry experts, with Bloomberg ETF analyst Eric Balchunas noting that it achieved this milestone in just one year, marking it as a remarkable achievement in the ETF space.
U.S. spot Ethereum ETFs have been experiencing a surge in popularity, with BlackRock’s ETH ETF leading the way. The inflows into ETHA have been impressive, doubling from $5 billion AUM to $10 billion in just two weeks of trading. This surge in inflows has been described as a ‘God candle’ by Balchunas, highlighting the exceptional growth trajectory of ETHA compared to traditional products.
The positive momentum in the spot ETH ETF market has been consistent, with 11 consecutive weeks of inflows. Daily net inflows on the 24th of July reached $231 million, marking the 15th consecutive day of net inflows. This sustained interest has propelled ETH from $2.4K to $3.8K, representing a 45% monthly gain.
However, the recent rally in ETH has also attracted significant selling pressure, with ETH treasury firms taking profits at an average of $1.4 billion per day in mid-July. This selling pressure is reminiscent of past local peaks in 2024, indicating a potential cooling off period for ETH.
Currently, ETH is trading at $3.6K, down 6% from its recent high of $3.8K. The market sentiment remains neutral, with open interest at record highs of $57 billion, signaling high speculative interest and liquidation risk. Despite this, there is still room for growth in ETH, as retail FOMO in the futures market remains subdued.
Crypto analyst Benjamin Cowen has cautioned that ETH may need to cool off, citing the overbought condition of ETH’s daily RSI. He emphasized the importance of monitoring market conditions to identify potential trends and market cooling periods.
In conclusion, the rapid growth of ETHA and the consistent inflows into spot ETH ETFs indicate a strong interest in Ethereum among investors. While the market may experience periods of volatility and profit-taking, the long-term outlook for ETH remains positive. It will be interesting to see how ETH navigates the current market conditions and whether it can sustain its growth trajectory in the coming weeks. In recent years, there has been a significant increase in interest in sustainable living practices. People are becoming more aware of the impact their daily actions have on the environment and are looking for ways to reduce their carbon footprint. One of the ways that individuals can make a positive impact on the environment is by adopting a zero-waste lifestyle.
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