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Key Insights:
- The net inflows into BlackRock Bitcoin ETF have surged past $6.4 billion, hinting at strong institutional demand for the ETH fund.
- According to CoinShares, Ethereum has recorded 12 consecutive weeks of inflows totaling $990 million, representing 19.5% of Ethereum’s AUM.
- Nasdaq-listed SharpLink Gaming (SBET) raises the competition by buying 84,953 ETH worth $255 million in just six days.
The BlackRock Ethereum ETF (ETHA) has been on a massive ETH acquisition spree, scooping more than 50,538 ETH, worth $151.97 million on Monday, July 14. This marks the fourth consecutive day the asset manager added 50,000 ETH to its kitty, taking its total holdings past 2 million coins. Furthermore, the net inflows into BlackRock’s Ether ETFs have now crossed over $6 billion, suggesting massive institutional demand for the asset.
BlackRock Ethereum ETF On Massive Accumulation Spree
BlackRock iShares Ethereum Trust (ETHA) has registered massive inflows over the past week, while scooping over 50,000 ETH on average in the last four trading sessions. As a result, ETHA has netted more than $750 million in inflows during the last four trading sessions. As a result, its total ETH inflows since inception to more than $6.4 billion, per Farside Investors‘ data.
On July 14, the BlackRock Ethereum ETF (ETHA) shares registered a trading volume of 0.8 billion. This makes it one of the most actively traded stocks in the crypto ETF space.
Supported by BlackRock’s lead, the net inflows into spot Ether ETFs across all US issuers have now crossed $5.5 billion. Of these, $1.1 billion has come in just the last four trading sessions, suggesting heightened institutional interest for the ETH product.
As per the CoinShares data, Ethereum has outpaced Bitcoin for institutional inflows in percentage terms. CoinShares reported:
Ethereum posted its 12th consecutive week of inflows, totalling US$990m, the 4th largest on record. In relative terms, Ethereum’s inflows over the past 12 weeks account for 19.5% of its AuM, compared to 9.8% for Bitcoin.
BlackRock Ethereum ETF Competes with SharpLink In ETH Buying
The BlackRock Ethereum ETF is now competing with Nasdaq-listed SharpLink Gaming (NASDAQ: SBET), which has acquired 84,953 ETH worth $255 million, just over the past 6 days. Earlier today, the firm added 24,371 ETH worth approximately $73.21 million, taking its total ETH holdings to 290,000 coins. This is an impressive milestone because the company started purchasing ETH just a month ago in early June.
Notably, 10,000 ETH ****from this total was acquired directly from the Ethereum Foundation, likely through over-the-counter (OTC) transactions, helping avoid price slippage in public markets.
The SBET stock price gained another 10.8% on Monday, closing at $23.88, and extending its monthly gains to more than 78%. In the after-hours trading yesterday, the stock gained y another 5.36% closing above $25 levels.
As per technical analyst Donald Dean, the next significant resistance level for SharpLink lies at the 0.618 Fibonacci retracement level, placing the next price target at $80.
Ethereum Whale Activity On The Rise
As per the data from Arkham Intelligence, Ethereum whale 0x3952 withdrew 6,000 ETH worth approximately $18.26 million from Binance earlier today. This marks the latest in a series of large-scale withdrawals by the whale over recent weeks.
Three weeks ago, the same address withdrew 50,255 ETH worth $113,85 million, at an average purchase price of $2,266 per ETH. With Ethereum currently trading significantly higher, the whale is now sitting on an unrealized profit exceeding $38 million.
Following yesterday’s rally, the ETH price is facing some pullback today, dropping 1.45% in the past 24 hours, and currently trading at $2,988. Ethereum’s weekly gains still stand at 18% suggesting strong market sentiment. If these institutional ETH purchases continue, the altcoin could soon see an upside to new all-time highs.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
