BlackRock’s iShares Ethereum Trust (ETHA) saw a record inflow on Wednesday with $489 million entering the fund.

The 148,585 ETH that BlackRock bought is the highest daily inflow since the fund was launched in July 2024. It also saw record daily trading volumes of $1.8 billion as institutional hunger for the asset surges.

The BlackRock Ether ETF has seen a whopping $1.25 billion in inflows over the past five trading days. This is almost 20 of its total aggregate inflow since inception.

Ethereum ETFs on Fire

There was also a record daily inflow for all Ethereum ETFs at $720 million, which obliterates the previous mark of $430 million, observed ETF expert Nate Geraci.

Fidelity’s FETH fund saw $113 million in inflows, its highest level since December 2024. Meanwhile, Grayscale’s mini Ethereum Trust (ETH) saw $54 million in inflows, its best since November 2024.

At current rates, Ethereum ETFs are consuming more than a hundred times more ETH than is being produced every day. Moreover, US spot ETFs now hold around 5 million ETH, or 4 of the total supply.

There has been an aggregate inflow of $6 billion across all spot Ethereum ETFs since inception, but half of that has come in just the past five trading days.

In addition to the institutional funds hoovering up the asset, a new wave of Ethereum treasury companies is adding to the buying pressure.

There is currently 1.6 million ETH worth around $5.3 billion in these corporate treasuries, and the asset is being purchased at a rate 36 times higher than is being produced, according to Strategic Eth Reserve.

Additionally, Ethereum-based digital investment funds posted their twelfth consecutive week of inflows, totaling $990 million, the fourth-largest weekly inflow on record, according to asset manager CoinShares.

In related news, the US Securities and Exchange Commission has delayed its decision on in-kind redemptions for the Bitwise Bitcoin ETF Trust and Bitwise Ethereum ETF, according to a filing on July 16.

ETH Price Surges to Six-Month High

Ethereum prices have surged 7.5 on the day to top out at a six-month high of $3,420 in late trading on Wednesday.

ETH cooled a little from this peak, its highest since January 18, and was trading at $3,350 at the time of writing.

The asset has gained a whopping 30 over the past fortnight, outperforming Bitcoin, which has notched 8.5 in the same period.