According to U.Today, the BlackRock iShares Ethereum Trust (ETHA) has achieved a significant milestone, approaching the $1 billion mark in fund flows. This development highlights ETHA's growing prominence among other issuers approved to trade a spot Ethereum ETF in the U.S.

Data from Farside Investors indicates that the funds flowing into ETHA have reached $901 million. This positions BlackRock ahead of other major issuers such as Fidelity Investments, Bitwise, Grayscale Investments, and VanEck in the Ethereum ETF market. Launched on July 23, 2024, ETHA allows investors to trade Ethereum within a traditional brokerage account, simplifying the process for crypto enthusiasts to hold Ethereum without dealing with high trading costs and tax reporting complexities.

Despite facing some challenging days with minimal revenue, ETHA has seen substantial inflows, likely due to BlackRock's reputation as a leading asset manager. The product page reports that ETHA has accumulated total shares worth 293,938.95, valued at $761,954,433.48. As interest in the spot Ethereum ETF market grows, many anticipate this will positively impact Ethereum's price.

However, the price of Ethereum has not mirrored the excitement surrounding the launch of its spot ETF. Despite increased investor interest, strong selling pressure has persisted. Ethereum's price, which was trading above $3,400, dropped to $2,800 shortly after the launch of ETH ETFs. The decline continued, with Ethereum's price reaching as low as $2,500, primarily due to institutional investors selling off their ETH holdings.

On a positive note, Ethereum 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.