BlackRock's Ethereum Spot ETF ( ETHA ) scale突破100亿美元！创历史第三快纪录，251天达成

Bloomberg data shows that BlackRock's iShares Ethereum Trust ( ETHA ) has surpassed the $10 billion mark in Assets Under Management ( AUM ), becoming the third fastest product to reach this milestone in ETF history, highlighting the strong demand for Ethereum ( ETH ) in the market. ETHA took only 251 days to cross the $10 billion threshold, second only to BlackRock's own Bitcoin Spot ETF IBIT (34 days) and Fidelity's FBTC (53 days). The rapid growth of doubling in size over the past 10 days (an increase of $5 billion) also set a record for the shortest period to go from $5 billion to $10 billion. Analysts point out that the recent rise in Ethereum prices (approaching $3850) and the strong influx of funds into the ETF (over $1.1 billion in the first three days of this week) are working together, but the causal relationship between the two is difficult to clarify. The passage of the U.S. GENIUS Act and the friendly regulatory environment fostered by the Trump administration have provided key support for the growth of Ethereum ETFs.

Ten Billion Milestone: ETHA Ranks Among the Top Three in Historical Growth Rates According to Bloomberg data, BlackRock's iShares Ethereum Trust ( ETHA ) Assets Under Management ( AUM ) has officially surpassed $10 billion. This achievement makes it the third fastest product in ETF history to reach the $10 billion scale. ETHA achieved this goal in just 251 days, with its rise only trailing behind:

1. iShares Bitcoin Trust ( IBIT ): took 34 days
2. Fidelity Wise Origin Bitcoin Fund (FBTC): Took 53 days

Ten days of doubling a record, fund inflows resonate with price rise Bloomberg senior ETF analyst Eric Balchunas revealed to Decrypt that ETHA's Assets Under Management doubled in just 10 days as of Wednesday, adding $5 billion in assets, setting the record for the shortest time for all funds to grow from $5 billion to $10 billion.

"This growth of 5 billion to 10 billion is largely attributed to the rise in (Ethereum) prices, and of course, the inflow of funds is also very strong," Balchunas said, "This is a perfect combination of both. But I have never seen ETF growth happen so quickly." "This is too weird," he added.

Price and Capital Flow: The Intricate "Tango" Relationship The explosive growth of ETHA is closely intertwined with the surge in Ethereum prices. This Monday, ETH briefly approached $3850, reaching the highest point since last December (currently reported at $3710, down about 3.5%). Analysts attribute the price rise and the emergence of the "Ethereum Treasuries" (ETH treasuries) concept partly to the growing demand for ETFs, but Balchunas believes that the causal relationship is difficult to define:

"Capital flows and prices are like dancing the tango. I don't think that capital flows alone have pushed up prices, nor do I believe that prices have 100% driven capital flows. They nourish each other, but it's not a one-to-one correspondence. It's a chicken-and-egg problem."

Regulatory Tailwinds and Capital Inflows as Dual Drivers Although it performed relatively modestly when launched a year ago (compared to the high standards of previously launched Bitcoin Spot ETFs), the Ethereum ETF has begun to accelerate its rise under the more favorable digital asset environment created by President Trump's administration (including the recently passed GENIUS Act). This legislation is expected to benefit Ethereum - the dominant platform for stablecoin trading. According to data from UK asset management firm Farside Investors, in just the first three trading days of this week, the 9 Ethereum Spot ETFs in the United States recorded a net inflow of over $1.1 billion.

Chasing Bitcoin ETF, surging demand may become a breakthrough catalyst Nonetheless, the performance of the Ethereum ETF is still far inferior to the current total Assets Under Management (AUM) of 12 Bitcoin Spot ETFs, which exceed $140 billion. Among them, the leader IBIT has surpassed $70 billion in AUM. These Bitcoin ETFs have also benefited from the surge in the cryptocurrency market and have propelled the rise.

ETF. Sumit Roy, a senior analyst at com, expressed surprise in a comment to Decrypt about how long it took for ETF investors to "change their attitude," especially after the rapid start of the Bitcoin ETF:

"In the past few weeks, everything has changed, and the frenzy around stablecoins and 'Ethereum bonds' companies has given this asset a shot in the arm." "We need to see if this will ultimately push the Ethereum price to break through the consolidation range - it may succeed, or it may fail," he added, "but in any case, it signifies that the demand for Ethereum ETF has finally arrived."

Conclusion: Ethereum ETF is speeding into the fast lane, with a scale of billions validating mainstream acceptance BlackRock's ETHA has broken through the $10 billion scale at a record speed, not only showcasing institutional investors' strong confidence in Ethereum but also marking the official entry of the Ethereum spot ETF into the fast lane of growth. The soaring prices and the positive cycle formed by capital inflows, combined with favorable policies such as the GENIUS Act, have collectively built the foundation for its explosive growth. Although its scale still struggles to match that of Bitcoin ETF giants in the short term, the substantial surge in demand has injected new momentum for Ethereum's price to break through key resistance levels. The market will closely monitor the sustainability of capital inflows and whether this "latecomer force" can truly catalyze ETH to break out of an independent trend, initiating a new round of value discovery.