BlackRock Ethereum ETF Attracts Over $3 Billion in Inflows
BlackRock is a leading player in the spot Bitcoin ETF market and is gaining traction in the spot Ethereum ETF sector. The BlackRock iShares Ethereum ETF (ETHA) has seen net inflows exceeding $1.3 billion within ten trading days since November 29, totaling $3.19 billion since its inception, with total net assets at $3.81 billion.
Other Ethereum ETFs have also performed well: Grayscale’s Mini Ether ETF (ETH) attracted $603 million, while Fidelity’s FETH garnered $1.37 billion since their launches. Overall, all Ether ETFs have accumulated $2.24 billion in inflows since late July, despite $3.5 billion being withdrawn from the Grayscale Ethereum Trust (ETHE) during the same timeframe.
This trend reflects an increasing interest in Ethereum-based ETFs, particularly following Donald Trump's election as president-elect, which has raised expectations for a more favorable regulatory environment for cryptocurrencies.
While other asset managers are exploring altcoin ETFs, BlackRock remains focused on Bitcoin and Ethereum offerings. Jay Jacobs, BlackRock’s US Head of Thematic and Active ETFs, noted that institutional interest in these top two crypto ETFs is significant, indicating that the market is just beginning to develop.
Is Ethereum Ready for a Breakout?
Ethereum's price movements align with the rising demand for related investment funds. After reaching approximately $4,000, it is currently trading around $3,900, with a market cap of $468 billion. Its price trajectory depends on overcoming critical resistance levels.
To maintain upward momentum, Ethereum must close daily above $3,930 and surpass a major resistance zone at $4,093, where selling pressure has historically been high. If it fails to do so, a retracement may occur, potentially testing support levels around $3,550.
Market analysts are optimistic about Ethereum's future. Many anticipate a substantial rally, with some traders suggesting that breaking the $4,000 barrier could lead to a surge towards $10,000. Crypto analyst KALEO has set a near-term target of $15,000 for Ethereum.
Another analyst, VentureFounder, predicts ETH might reach $15,937 by May 2025. In the short term, Ethereum could return to its all-time high of $4,900 within weeks if it records three consecutive weekly gains.