Ethereum ETFs Reach New Heights: $2.18B Inflows

Ethereum ETFs have hit unprecedented levels as they recorded net inflows of 677,000 ETH, totaling around $2.18 billion in just one week. This surge has pushed the total on-chain holdings of spot Ethereum ETFs to a staggering 5.15 million ETH, marking a new all-time high. The trading volume for these ETFs also soared, reaching $10.5 billion for the week, averaging $2.1 billion per day. The iShares Ethereum Trust ETF (ETHA) was the primary contributor, accounting for over 80% of the inflows and nearly 70% of the trading volume. Last week's rise in ETH price contributed significantly, boosting the assets under management (AUM) for spot Ethereum ETFs to over $15.5 billion, another record. ETH itself skyrocketed approximately 27% last week and over 52% since the beginning of July. Corporate treasuries, particularly with Sharplink Gaming (ticker SBET) in the lead, have emerged as key players in Ethereum's rally. SBET has amassed around 280,706 ETH (approximately $840 million), surpassing the Ethereum Foundation to become the largest corporate ETH holder. They plan to expand their equity issuance program to $6 billion for further ETH purchases. Similarly, BitMine Immersion (BMNR) and Bit Digital (BTBT) are following suit, with BMNR raising $250 million and acquiring about 163,000 ETH, while BTBT has reported over 100,000 ETH holdings post a $172 million raise. This update is part of The Block's Data & Insights newsletter, providing insights into the ever-evolving crypto landscape. Note that The Block operates independently, despite external investments, to deliver factual news and analysis.