BlackRock's iShares Ethereum Trust, also known as ETHA, has amassed nearly $900 million in inflows just 11 days after its launch, making it one of the top-performing ETFs of 2024. The fund saw significant inflows following a sharp drop in Ether's price, attracting investors looking to capitalize on the market movement. Despite a turbulent period for the crypto market, ETHA's performance stands out, especially without offering staking returns or options trading. Other spot Ether ETFs also saw substantial inflows, with Fidelity's and Grayscale's products experiencing mixed results.

BlackRock’s spot Ether exchange-traded fund saw $109.9 million in inflows on Aug. 6 — bringing its total inflows to $869.8 million since its launch on July 23. According to Farside Investors, it marked the iShares Ethereum Trust’s third biggest flow day as investors looked to capitalize on Ether’s ( ETH ) 18% price fall on Aug. 5. The $870 million in inflows puts BlackRock’s spot Ether ETF in the top six best-performers of all ETFs launched in 2024, according to Nate Geraci, President of The ETF Store. Four of the other five best performers are spot Bitcoin ETFs, including BlackRock’s IBIT, he added. BlackRock’s ETHA also scooped up $47.1 million on the crypto industry’s “Black Monday,” which saw over $600 million in leveraged long positions wiped out. Despite the massive market fall, the combined flows for ETHA on Aug. 5 and 6 alone puts it in the top 10% of ETFs launched in 2024, Geraci added. All this has been achieved without the spot Ether ETFs issuers offering staking returns and options trading. Meanwhile, spot Ether ETFs saw a combined $98.4 million inflow on Aug. 6 — their best day outside of their launch day on July 23. Fidelity’s spot Ethereum ETF saw the second largest inflow on Aug. 6 at $22.5 million, while the Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw $4.7 million and $1 million in inflows, respectively. “TradFi slurping up that ETH,” said Anthony Sassano, host of Ethereum show The Daily Gwei. Grayscale’s higher fee Ethereum product, tickered ETHE, was the only spot Ether ETF to record an outflow at $39.7 million. Related: Forget about Ethereum ETFs — Here's what you can do instead Despite ETHA’s strong start, the spot Ether ETFs have still seen a combined $473.9 million in outflows when factoring in the $2.2 billion that has left Grayscale’s ETHE. Ether has partially recovered since bottoming out at $2,197 on Aug. 5, up 13.5% to $2,494, CoinGecko data shows. Magazine: Decade after Ethereum ICO: Blockchain forensics end double-spending debate 