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Everyone's Calling This a Yield Story. The Daily Numbers Say Otherwise.
BlackRock runs two ETH ETFs side by side. ETHA just holds ETH. ETHB stakes it and pays ~2% yield, monthly.
Since March, the assumption has been simple: money chases yield, so ETHB should be eating ETHA's lunch. I checked the actual daily flows. That's not what's happening.
Sept 11: ETHA +$148.8M, ETHB +$18.3M
Sept 14: ETHA +$80.5M, ETHB +$14.39M
Lifetime: ETHA $13.4B, ETHB $845M
Same pattern, every single session. Rotation means one side shrinks while the other grows. Here, both keep growing together, ETHA just growing faster.
There's a bigger hole in the yield story too: ETHB's real net yield sits under 2%, below what a basic T-bill pays right now. Nobody chasing yield stops at 2% when risk-free pays more.
My read: this isn't yield rotation. It's just strong ETH demand, split across two products because two products now exist. The yield is a bonus, not the reason.
I'll change my mind the day ETHA actually starts bleeding while ETHB keeps climbing. Hasn't happened yet.
Anyone else tracking ETHA and ETHB separately, or is the Square just reading one combined ETH ETF number and missing this?
Gate Square fam, drop your take below.
#ETHStakingETF #ETFFlowData #GateResearch
$GT
$SSG