BlackRock Ethereum ETF in Demand, Receives 76,669 ETH From Coinbase Prime
- WBOYOriginal
- 2024-07-25 14:23:24479browse
Within two days of launch, the BlackRock Ether ETF seems to be hogging all the limelight. On the first day of the spot Ethereum ETF launch
BlackRock's iShares Ether ETF (NYSE: ETHE) has seen strong demand since its launch on Monday, with a total of 76,669 Ethereum being received from Coinbase Prime on the second day of the ETF's launch.
According to on-chain data, the BlackRock iShares Ether ETF received a total of 76,669 Ethereum from Coinbase Prime 10 hours ago. As per BlackRock's official website, the firm currently holds a total of 79,699 ETH.
This marks a significant development in the institutional adoption of Ethereum, as BlackRock is the world's largest asset manager, with over $10 trillion in assets under management.
The launch of the spot Ethereum ETF has been highly anticipated by the crypto community, and it is expected to drive further institutional adoption of Ethereum.
However, the inflows into the spot Ethereum ETFs have slowed down on the second day, with the ETHE seeing only $17 million in net inflows on Tuesday.
This comes as no surprise, as the outflows from the ProShares Short S&P 500 (NYSE: SH) ETF are being used to fund the new spot Ethereum ETFs, and the outflows from the SH ETF have slowed down in recent days.
According to data from Farside Investors, the spot Ethereum ETFs saw a total of $133 million in outflows on Monday, which brings the net flows for Ether ETFs into the negative territory.
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