Ethereum rose 18.5% over 24 hours on August 19 as BlackRock's spot ether exchange-traded fund, ETHA, posted $122.1M in inflows, according to data tracked across multiple sources.
The inflow marked a recent high for the fund since its April 2024 launch. ETHA is one of eleven spot ether ETFs that launched in the United States this year following regulatory approval from the SEC. The fund is designed to track the price of ethereum without requiring holders to manage private keys or custody arrangements.
Spot ether ETFs have drawn $517M in cumulative inflows since their debut, according to tracking data. BlackRock's product is the largest ether ETF by assets under management. The August 19 inflow occurred during a broader cryptocurrency market rally that pushed bitcoin above $59,000 and lifted altcoins alongside it.
Ethereum's price movement on the day outpaced typical volatility for the asset. The cryptocurrency trades on dozens of exchanges globally and settles continuously; its August 19 gain moved across all venues simultaneously.
The inflow into ETHA follows months of institutional adoption of spot bitcoin and ether ETFs in the US market. Grayscale's Bitcoin Mini Trust and iShares Bitcoin Trust have accumulated hundreds of millions in assets since launching earlier this year. The entrance of major asset managers into spot crypto products has removed custodial friction that previously required investors to hold assets directly or through specialized platforms.
August 2024 has seen repeated large single-day inflows into ether ETFs. The pattern contrasts with periods in 2024 when outflows dominated as investors rotated out of crypto positions following the Bitcoin halving in April.
