Summary: BlackRock’s ETH ETF hits $10B milestone in record time! – Details

Ethereum ETFs are making history, and BlackRock's ETHA is leading the charge! The fund recently achieved a phenomenal milestone, rocketing to $10 billion in assets under management (AUM). This incredible feat positions ETHA as the third-fastest ETF in history to reach this landmark, surpassed only by two pioneering spot Bitcoin ETFs. In a truly astonishing display of investor confidence, ETHA doubled its AUM from $5 billion to $10 billion in just two weeks, a rapid ascent dubbed a "God candle" by market analysts. The broader landscape of spot ETH ETF products has mirrored this enthusiasm, enjoying an impressive streak of 11 consecutive weeks of positive inflows. Notably, a recent daily net inflow of $231 million marked the 15th straight day of robust investor interest. This surge in demand has undeniably fueled Ethereum's underlying price, propelling it from $2.4K to $3.8K for a remarkable 45% monthly gain. However, such rapid appreciation also triggered significant profit-taking, with daily figures hitting $1.4 billion in mid-July, reminiscent of previous local peaks. Currently, ETH is trading around $3.6K, experiencing a modest 6% dip from its recent high, partly influenced by Bitcoin's own correction. Despite this pullback, many see it as a healthy retreat, potentially setting the stage for Ethereum to challenge the $4K mark. Record-high Open Interest, currently at $57 billion, underscores intense speculative interest and potential liquidation risks, but also strong conviction. Intriguingly, the speculative market itself remains "neutral," indicating no extreme retail FOMO on the Futures market, suggesting further room for growth before hitting a local top. Nevertheless, some prominent crypto analysts, including Benjamin Cowen, advise caution, pointing to Ethereum's overbought daily Relative Strength Index (RSI) at around 88. This suggests the asset might need to cool off, or consolidate, before embarking on its next significant ascent.