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The BlackRock iShares Ethereum Trust (ETHA) has clinched a new flow milestone toward the $1 billion mark. This demonstrates ETHA's increasing growth, among other issuers, approved to trade a spot Ethereum ETF in the U.S.

BlackRock Ethereum ETF’s new milestone

According to data from Farside Investors, money flowing into ETHA has topped $901 million as of this writing. As a result, BlackRock is now leading other issuers like Fidelity Investments, Bitwise, Grayscale Investments and VanEck on the Ethereum ETF market.

Launched on July 23, 2024, ETHA primarily allows investors to trade Ethereum within a traditional brokerage account. It also makes it easy for crypto enthusiasts to hold Ethereum directly without dealing with operations burdens like high trading costs and tax reporting complexities.

Since it debuted, BlackRock’s ETHA has had its fair share of bad days with little or no revenue. But overall, ETHA has accumulated a sizable influx, most likely due to BlackRock's clout as a massive asset manager. Per its product page, it has accumulated total shares worth 293,938.95 with a valuation of $761,954,433.48.

As momentum for the spot Ethereum ETF market picks up, many expect to see its reflection in the price of Ethereum.

Ethereum recovers slightly

However, the price of Ethereum did not reflect the excitement that followed the launch of its spot ETF. While investor interest has been heightened, strong selling pressure persists for the digital asset. Ethereum's price, trading above $3,400, quickly plummeted to $2,800 shortly after the launch of ETH ETFs.

From this point, Ethereum’s price dropped, even reaching the $2,500 mark. The sharp decline was attributed to institutional investors selling off their ETH holdings. On the daily frame, ETH appears to be recovering slightly, according to CoinMarketCap. Ethereum experienced a 1.15% surge in the past day, setting its price at $2,681. The trading volume also increased by 66.29%, indicating renewed investor interest.