BlackRock's spot ETF for Ethereum attracted $50.8 million on September 23, making it the largest contributor on a day when a total of $105 million flowed into American spot ETFs for Ethereum. The iShares Ethereum Trust (ETHA) has become a gravitational center for institutional exposure to Ethereum: accumulated net inflows into ETHA have exceeded $13 billion – a significant portion of the entire sector of American spot ETFs for Ethereum with total net assets exceeding $17 billion.
ETHA accounted for approximately 48% of all inflows into spot Ethereum ETFs on that day. Its Bitcoin ETF IBIT followed a similar trajectory: launch, dominance in early flows, then becoming the default allocation tool for institutions needing exposure without the hassle of self-custody. The approval of spot ETFs for Ethereum in mid-2024 opened the door, but the initial months were marked by volatile flows and periodic outflows. September 2026 seemingly marks a return to sustainable positive momentum after these challenging periods.
In March 2026, BlackRock launched ETHB – a staking ETF for Ethereum, providing holders with yield beyond price appreciation. Since its launch, ETHB has not recorded a single day of net outflows. The consistency of the product indicates that yield-generating instruments have resonated with institutional allocators accustomed to income-producing assets in traditional portfolios. The presence of ETHA and ETHB creates a two-component offering for different risk and return profiles: investors needing pure price exposure choose ETHA; those willing to accept the additional risk of smart contracts inherent in staking in exchange for yield opt for ETHB.
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