BlackRock’s iShares Ethereum Trust (ETHA) has become the first among the 11 US spot ether ETFs to surpass $1 billion in net inflows. following a significant $26.8 million in net inflows on Tuesday, according to data from investment firm Farside.

This milestone underscores BlackRock’s dominance in the Ethereum ETF market. In terms of net inflows, BlackRock’s spot ETF now leads its competitors by a wide margin: Fidelity’s FETH comes second at $367 million in total net inflows, followed by Bitwise’s ETHW at $310 million, and Grayscale’s mini trust ETF (ETH) at $227 million.

BlackRock also leads the US spot Bitcoin ETF market, with $20.8 billion in assets under management (AUM). With the bitcoin ETF, BlackRock reached the $1 billion in net inflows milestone within just four days of trading, on Jan .17, after launching the ETF on Jan. 11. In comparison, BlackRock’s Ethereum ETF, ETHA, took nearly a month to achieve the same milestone, as Ethereum spot ETFs began trading on July 23.

Grayscale’s Outflows

While BlackRock’s ETHA has performed well, Grayscale’s ETHE, which holds $4.79 billion in net assets, has struggled. Grayscale’s ETHE has seen substantial outflows since its launch, with $2.47 billion withdrawn. These outflows have significantly outpaced inflows, leaving the ETFs with a net negative inflow of $440 million as of August 20. 

Grayscale’s outflows can be attributed in part to its high management fees, which have been a point of contention for investors. Its 2.5% management fee is 10 times higher than the second most expensive competitor, which has led some investors to seek lower-cost alternatives. In response to these concerns and to offer a more cost-effective option, Grayscale created the mini trust ETH, aiming to attract investors looking for lower fees and a simpler investment structure.

Read more: ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?

Grayscale’s mini trust (ETH) has fared better, with a total positive inflow of $227 million and $948 million in net assets, according to data from cryptocurrency data platform SoSoValue. It’s important to note that ETH was initially seeded with $1.02 billion, which explains its substantial assets despite the relatively modest inflows. Following Grayscale’s mini trust is BlackRock’s ETHA, which has $864 million in net assets—over double the amount of assets held by its nearest competitor, Fidelity’s FETH.

Since the ETFs’ launch, the price of ETH has dropped 25%, declining from approximately $3,440 to $2,854 at the time of writing.

Read more: Ethereum Has Had a Banner Year in Most Areas. Except Price.