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**Ethereum Surges as ETF Inflows Hit $726 Million: Report**
On July 17, a remarkable surge was witnessed in the Ethereum market, which is attributed to the massive inflows seen by its ETFs. A staggering $726 million was reported to have been injected into these funds on the same day.
This marks the highest single-day inflow since the launch of U.S.-listed ETH-based investment products. In addition, it is essential to highlight that this influx comes after a five-day inflow of $1.8 billion in Ethereum ETFs. The growth in institutional interest has never been more evident than now.
BlackRock dominates with $499M in inflows
As reported, BlackRock’s iShares Ethereum Trust (ETHA) took the lead with an enormous $499.25 million influx on July 17. This development has seen its total inflow reach $7.11 billion and net assets touch $7.73 billion. What is more striking is that ETHA now holds a substantial 1.90% of all Ethereum.
The Fidelity Ethereum Fund (FETH) came in second, with new inflows of $113 million on July 17. This has taken its total inflow to $1.98 billion, making it significantly behind the market leader, BlackRock. Nevertheless, it remains ahead of other smaller Ethereum ETFs in terms of market share and assets under management.
Other notable participants saw a lesser influx during this time. Grayscale’s ETHE reported new inflows of $33 million while ETH added $54 million and Bitwise’s ETHW took in $14.5 million.
Industry analysts have not missed the significance of these developments, as they are critical indicators of institutional appetite for Ethereum-based assets.
Nate Geraci, President at NovaDius Wealth Management, discussed this topic on social media platforms. He emphasized that a massive influx of capital has flowed into Ethereum ETFs over the past five days, amounting to $1.8 billion in total. This further underscores the growing institutional interest in this market.
Ethereum’s 4% increase reflects rising institutional investment
On top of these astonishing ETF inflows, the price of Ethereum itself witnessed a remarkable surge, increasing by 7.58%. It is essential to highlight that this represents Ethereum’s strongest one-day performance since March, and marks a significant turning point in terms of investor sentiment.
What does this mean for the cryptocurrency? As noted in an earlier report, some crypto analysts believe that Ethereum’s recent rise may be attributed to its unique characteristic: staking yields. For institutional investors, this provides an attractive return.
Source: cryptotale.org
