First Year, Break Records

US-based spot Ether exchange-traded funds (ETFs) marked their one-year trading anniversary on Wednesday, their first anniversary with the market. The past three weeks saw the ETFs rack up inflows amounting to record levels for some, including some of their largest single-day inflows recorded to date.

The US Securities and Exchange Commission approved spot Ether (ETH) ETFs to begin trading on July 23, 2024, with nine products hitting the market: BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, Invesco, and Grayscale (two).

According to CoinGlass, these nine Ethereum ETFs have accumulated approximately $8.69 billion in net inflows since their launch one year ago, managing a collective $16.57 billion in assets.

Remarkably, nearly half of this total ($3.9 billion) entered the funds in a sustained inflow streak over the preceding 14 trading days.

Ethereum Struggles While Bitcoin Soars

ETH has struggled over the last year to break above its nearly $4,900 all-time high set in November 2021 while Bitcoin (BTC) has soared. ETH has traded in a wide range between highs of $4,000 in December and lows of $1,500 around April.

However, ETH currently trades above $3,600, down slightly for the day but up around 8% in the past year, according to CoinGecko.

The Ether ETFs are often overshadowed by their Bitcoin counterparts, which launched earlier in 2024 and have generated nearly $54.5 billion in net inflows.

Strongest Inflows Yet

The US Ether ETFs marked their first trading birthday by recording their best inflow day to date so far, taking in $332.2 million on Wednesday.

According to Nate Geraci, president of NovaDius Wealth Management, six of the ETF’s top seven inflow days occurred in the past two weeks.

The funds reached their all-time peak inflow day of $726.6 million on July 16.

BlackRock Contributes Heavily, Grayscale Benefits

BlackRock’s Ether ETF — the iShares Ethereum Trust ETF (ETHA) — has received over $8.9 billion in net inflows over the past year, more than any other provider.

This significant inflow has helped offset declines in Grayscale’s Ethereum Trust ETF (ETHE). BlackRock’s ETHA typically trades at a smaller discount to its net asset value compared to Grayscale’s ETHE, encouraging outflows from the long-established fund, which has seen nearly $4.3 billion in net outflows.

Geraci stated on X that “nearly 1,000 ETFs have launched” [presumably since the ETH funds went live], adding that BlackRock’s ETH fund “leads all of them in inflows.”

Staking ETFs: The Next Frontier

Ethereum ETF issuers are now looking to add staking functionality to their funds. Staking generates rewards for investors who lock up their coins to help secure the Ethereum network.

Analysts predict potential SEC approval for staked Ethereum ETFs, possibly this month. Other potential upcoming products include ETFs tracking crypto baskets or tracking Solana (SOL).

The first staked crypto ETF was launched earlier this month, jointly by REX Shares and Osprey Funds, focusing on Solana staking.