BlackRock's ETH ETF ranked second in weekly inflows among more than 4,400 ETFs
During the week of August 18-22, iShares Ethereum Trust ETF (ETHA) from BlackRock, the largest asset manager, attracted $1.24 billion, ranking second among more than 4,400 exchange-traded funds.
According to NovaDius Wealth President Nate Gerachi, only Vanguard's S&P 500 ETF surpassed ETHA in weekly inflows, with $1.711 billion. He believes that ETHA is among the “heavyweights” in the weekly inflow ranking, “demonstrating institutional investors' interest in Ethereum.”
Indeed, according to market data, capital flowed from Bitcoin to Ethereum during August. While outflows from Bitcoin ETFs totaled $800 million through August 28, inflows into ETH ETFs totaled $4 billion over the same period.
The difference in inflows shows how large investors are diversifying their cryptocurrency investments beyond Bitcoin. Retail investors are also showing clear interest in the leading altcoin. According to DeFiLlama, as of August 29, the monthly spot trading volume of ETH reached a record $135 billion, surpassing the previous high of $117.6 billion recorded in May 2021.
Corporate adoption of the altcoin has also accelerated. From August 1 to August 29, organizational balances grew from 916,268 ETH to 4,438,352 ETH, or from $2.3 billion to $19.1 billion.
See also: "Binance announced the listing of the Trump token"
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