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Key Insights:
- BlackRock and Fidelity top the ETH ETF market, acquiring $408 million worth of Ethereum
- New ETH whales stun the crypto market with massive accumulations.
- Analyst set a possible Ethereum price target at $5,000
Top asset managers BlackRock and Fidelity are in the spotlight due to their recent Ethereum (ETH) accumulation.
BlackRock and Fidelity are betting on Ethereum (ETH), as they amass approximately $408 million via their exchange-traded funds (ETFs).
The activities of these investment firms align with the recent ETH accumulation among whales. Institutional investors are perceiving Ethereum as an asset that stands beyond just a store of value.
BlackRock and Fidelity Lead, Others Follow
According to data from Farside Investors, ETH ETFs dominated institutional flows, with $455 million in daily net inflows on August 26.
BlackRock led the inflows with its iShares Ethereum Trust Fund (ETHA), accumulating $323.1 million. Fidelity’s FETH came second in daily inflows, contributing $85.5 million.
Together, both BlackRock and Fidelity contributed approximately $408 million to the net daily inflows seen on Tuesday.
Grayscale’s spot ETH products also contributed to the inflows, adding $46.4 million from ETHE and ETH. Although small, Grayscale’s contribution is notable considering its challenges surrounding its legacy ETHE trust.
Meanwhile, the remaining ETH ETFs from Bitwise, 21Shares, VanEck, Invesco, and Franklin Templeton recorded zero-net day inflows.
Together, the figures from BlackRock, Fidelity, and Grayscale highlight a broad institutional pivot toward Ethereum.
BlackRock has continued on its recent ETH accumulation spree since the beginning of July. On Tuesday, July 22, BlackRock scooped $427 million worth of ETH, the third-largest since the ETF launched.
This accumulation also marked the asset manager’s fifth consecutive day of over $100 million in inflows.
Following in the footsteps of BlackRock, Fidelity recently purchased $145 million in ETH amid retail trader sell-offs.
Ethereum Whales Pulls Big Stunt
While asset managers are increasing their ETH stake, big players often called whales, also show confidence in the altcoin.
Analyst Ted Pillows on X recently highlighted a massive ETH buy from an early Bitcoin whale investor. According to the analyst, the BTC OG liquidated his Bitcoin position for $267 million and bought an equivalent spot ETH position.
Subsequently, the whale opened another long position worth $577 million. The whale facilitated the trade through Aave Protocol (AAVE) protocol.
In another huge accumulation, six newly created wallets received 95,789 ETH from BitGo, a leading U.S.-regulated custodian. The transfer, worth around $427 million, drew speculation that BitMine Technologies may be behind the accumulation.
The speculation is not without premise, as BitMine is increasingly embracing ETH. Crypto Rover reported that Tom Lee’s BitMine purchased an additional 4,871 ETH, worth $21.28 million, raising its total holdings to 1,718,770 ETH.
This purchase followed the 9,613 ETH worth $45.6 million, acquired just days ago, underscoring the rising confidence in the coin’s potential.
What Next for ETH?
Ethereum has remained firmly in the spotlight, supported by the strong institutional and whale demand.
The world’s second-largest cryptocurrency by market capitalization is currently hovering around $4,601. Ethereum price is now edging closer to its all-time high of $4,891.70 set in 2021.
Based on technical analysis, ETH shows signs of recovery, defending support at $4,550. Buyers are slowly returning, pushing price toward the $4,600 zone, with resistance seen at $4,645.
ETH could retest the $4,650 range if momentum holds. However, losing $4,550 may trigger a deeper pullback toward $4,500.
Market analysts believe the leading altcoin might be on its way to reaching a new all-time high soon. Some even set $5,000 as a realistic target, citing bullish technical indicators on the price chart.
