Ethereum ETF Leader Plummets 9%... $1.2 Billion Vanishes in a Day

iShares Ethereum Trust ETF (ETHA) plunged 8.88% to $22.67 on the Nasdaq during U.S. trading on the 21st, with over 28.3 million shares changing hands. Its market capitalization shrank to about $10.7 billion (roughly KRW 14.5 trillion), erasing approximately $870 million (around KRW 1.2 trillion) in value in a single day.

Recently, nearly 1% of ETHA’s total assets have flowed out in just one day, suggesting that investor sentiment has noticeably cooled amid a short-term market adjustment. Nevertheless, in the second half of last year, monthly inflows ranged from $2.4 billion to $4.2 billion, at times outpacing net inflows into Bitcoin ETFs—an indication that overall capital flows into ETHA remain aggressive.

Launched by BlackRock in 2024, ETHA is a U.S.-listed spot Ethereum ETF that tracks the CME’s Ether Reference Rate to mirror Ether’s price movements directly. In roughly a year since its debut, it has surpassed $10 billion in assets under management—over KRW 13 trillion—elevating it to “mega-product” status and establishing it as a leading vehicle for traditional finance capital entering Ethereum.