TLDR
- BlackRock’s ETHA ETF doubled from $5B to $10B in just 10 days amid Ethereum’s price surge.
- ETHA is the third fastest ETF in history to reach $10B, trailing only IBIT and FBTC.
- ETH spot trading volume hit $25.7B last week, surpassing Bitcoin’s $24.4B for the first time in over a year.
- ETH-focused ETFs recorded 14 straight days of net inflows, while Bitcoin ETFs saw three days of outflows.
BlackRock’s Ethereum ETF has reached $10 billion in assets after a sharp rise in Ethereum’s price. The ETF, known as ETHA, doubled its assets in just ten days. This growth puts it among the top-performing crypto ETFs. The rise in ETHA’s value comes as Ethereum’s price hit a six-month high, driving strong inflows into the fund.
ETHA Reaches $10 Billion in Record Time
BlackRock’s iShares Ethereum Trust (ETHA) has surpassed $10 billion in assets under management. According to SoSo Value, ETHA now holds $10.09 billion as of July 23. This is just one year after its launch on July 23, 2024.
Bloomberg ETF analyst Eric Balchunas said ETHA is now the third fastest ETF to reach $10 billion. Only BlackRock’s Bitcoin ETF (IBIT) and Fidelity’s Bitcoin ETF (FBTC) reached the mark faster. Balchunas described the sharp growth from $5 billion to $10 billion in ten days as the ETF version of a “God candle,” a term used for rapid market spikes.
iShares Ethereum ETF becomes 3rd fastest ETF to hit $10bil in assets…
3 fastest ETFs to $10bil now all spot crypto ETFs.
We’re talking about an ETF industry that’s been around for over 3 decades & has nearly 4,400 products.
What a chart. https://t.co/sGYiZP9U4X
— Nate Geraci (@NateGeraci) July 24, 2025
The ETF gained over $324 million in inflows on July 23 alone. Over the past week, ETHA brought in $1.76 billion out of $2.18 billion in total inflows across Ethereum ETFs.
Ethereum Trading Volume Surpasses Bitcoin
On-chain data from CryptoQuant shows Ethereum is now seeing higher spot trading volume than Bitcoin. Last week, Ethereum had $25.7 billion in spot trading, while Bitcoin had $24.4 billion. This marks the first time ETH has led in spot volume in over a year.
The ETH/BTC spot volume ratio has now gone above one for the first time since early 2024. Analysts believe this shift suggests increased investor interest in Ethereum and other altcoins. ETH’s price recently climbed to $3,800, its highest level in six months.
First time in over a year: ETH spot volume > BTC
Last week, ETH spot trading hit $25.7B vs. BTC’s $24.4B, pushing the ETH/BTC spot volume ratio above 1 for the first time since June 2024.
Investors are rotating to ETH and Altcoins. pic.twitter.com/X7mBFVCg5Y
— CryptoQuant.com (@cryptoquant_com) July 23, 2025
CryptoQuant also observed a clear rotation from Bitcoin to Ethereum. Over the last two weeks, ETH-focused ETFs, including ETHA, saw 14 straight days of net inflows. In contrast, Bitcoin ETFs experienced three days of outflows.
ETF Industry Sees Crypto Funds Break Records
ETF Store President Nate Geraci commented on ETHA’s rise. He noted that all three of the fastest ETFs to hit $10 billion are crypto-related. “iShares Ethereum ETF becomes the third fastest ETF to reach $10 billion in assets,” Geraci said in a social media post.
There are nearly 4,400 ETFs in the U.S. market, many of which have been active for years without reaching this level. ETHA’s pace shows how crypto ETFs are gaining faster traction compared to traditional funds. It also points to growing institutional interest in Ethereum.
BlackRock recently filed to add staking to ETHA, which may be attracting new capital. The ETF is also among the top five in net inflows over both the past week and the past month, according to Bloomberg data.
Ethereum’s position in traditional finance has also expanded. Projects like JPMorgan’s stablecoin and Robinhood’s tokenization efforts are both built on Ethereum’s network. Fundstrat’s Tom Lee recently said that Ethereum is “Wall Street’s preferred choice” for blockchain infrastructure.
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