Over $700 million! Ethereum spot ETF sets a record for daily fundraising

"Second in the crypto circle," Ethereum has been gaining momentum recently.

Just this Wednesday (July 16), nine U.S. spot Ethereum ETFs attracted over $726 million in net inflows, marking the highest single-day record since their launch in July last year. This is comparable to the $799 million raised by Bitcoin spot ETFs on the same day.

In this record-breaking influx of funds, BlackRock's ETHA alone accounted for over $500 million, making it the "king of capital raising." Following closely is Fidelity's FETH, which attracted about $133 million.

As of Thursday, these ETFs have achieved net inflows for 10 consecutive days, accumulating over $2.27 billion in July alone. According to CoinGlass data, the total assets under management of spot Ethereum ETFs are now close to $14 billion. Although this figure is still lower than that of Bitcoin ETFs, the recent strong performance indicates that the gap is narrowing.

With the strong influx of funds, market enthusiasm has been ignited. Ethereum's price approached $3,500 on Thursday, reaching a new high since January. The cumulative increase over the past week has reached 23%.

Ethereum's performance has also clearly outpaced Bitcoin once again.

This round of increase is not only driven by speculative funds but also backed by deeper institutional forces.

On one hand, more and more listed companies are treating Ethereum as a "store of value." According to Nick Ruck, director of LVRG Research, an increasing number of listed companies are starting to add Ethereum to their balance sheets.

The most typical example is BitMine Immersion, supported by Peter Thiel, which announced this week an additional $500 million purchase of Ethereum, bringing its total holdings to over $1 billion. The company has also set a goal to acquire 5% of the circulating or staked ETH in the entire network.

Another example is the gaming marketing company SharpLink Gaming, which, after completing a $425 million financing, used $225 million of that to purchase Ethereum. Notably, Ethereum co-founder Joseph Lubin has also joined the company's board of directors.

On the other hand, the market is generally optimistic about the future introduction of "staking yield" features in ETFs, meaning that holding ETFs can not only yield profits from price fluctuations but also earn "interest." **

On Thursday, Nasdaq submitted an application to the SEC on behalf of BlackRock, requesting to add a "staking" feature to its Ethereum ETF. Once approved, ETF holders will be able to earn network block rewards, essentially "earning coins while earning interest." The SEC is expected to make a decision on such proposals in October.

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