Giant Investment Firm, BlackRock, Acquires $500 Million Worth of Ethereum in 10 Consecutive Days Through Coinbase
Ethereum's Hot Market Streak
Ethereum's red-hot streak continues as the world's largest asset manager, BlackRock, lays down a cool half-billion dollars on ETH in just ten days. Arkham reveals that BlackRock's buying spree is conducted through its iShares Ethereum Trust, ETHA.
On June 4 alone, ETHA snatched $73.2 million, followed by another $34.7 million on the following day. With these additions, ETHA's holdings now top $4.85 billion worth of Ether. Fellow investors, like Fidelity, have also joined the fray, buying $29.8 million worth of ETH through its FETH Ethereum ETFs on June 2. These aggressive investments have contributed significantly to Ethereum ETF inflows surge. According to Farside Investor, U.S.-based spot Ethereum ETFs have amassed over $3.34 billion in net inflows over the past three weeks.
Meanwhile, Bitcoin ETFs are facing outflows. In the same ten-day streak, Bitcoin ETFs witnessed a whopping $278.4 million outflows on June 5, with major contributors being ARk Investment and significant withdrawals from Fidelity, Bitwise, and Grayscale. Despite registering a two-week net inflow of $44.2 billion, the recent trend shows a clear slowdown, with several entities notching consecutive red days.
BlackRock's CEO, Larry Fink, offers thoughts on Ethereum's potential in a statement. He asserts that the role of Ethereum and blockchain tech can skyrocket if more mainstream acceptance, transparency, and advanced analytics are achieved. According to Fink, growth depends chiefly on liquidity, transparency, and high-quality data, coincidentally akin to the early days of the mortgage and high-yield markets, which gradually flourished as better analytics and market recognition evolved. "I truly believe we will see a broadening of the market for these digital assets," Fink says.
What's Next for Ethereum?
Ethereum's price has soared from $1,790 to above $2,700 over the past month, signifying a colossal 54% increase. The token is now exhibiting indications of a breakout, forming a peculiar pattern called a "Right-Angled Descending Broadening Wedge," which has historically heralded significant price surges.
As of June 7, Ethereum is valued at $2,516, as per CoinMarketCap. It momentarily dipped during a recent drama involving Elon Musk and Donald Trump but swiftly recovered. Moreover, investors could want to take note of Altcoin Season Heats-up: Weekly ETF Inflows in Ethereum Outshines Bitcoin for further insights on Ethereum's promising future.
- BlackRock's investment in Ethereum through its iShares Ethereum Trust, ETHA, has surged, with ETHA's holdings now totalling over $4.85 billion worth of Ether.
- Larry Fink, CEO of BlackRock, believes Ethereum and blockchain technology can see exponential growth if there is more mainstream acceptance, transparency, and advanced analytics.
- In contrast to Ethereum, Bitcoin ETFs are currently experiencing outflows, with a significant $278.4 million outflows on June 5, while Ethereum ETFs have seen unprecedented inflows, outshining Bitcoin.
