This past Wednesday marked a new milestone for Ethereum exchange traded funds as they recorded a staggering net inflow of $726 million within a single day. This underscores massive institutional interest for Ethereum given the upsurge in altcoins.
This new mark also shattered the previous record of \$428 million set on December 5, 2024, when ETH was trading at levels not seen since January this year.
BlackRock Leads ETF Inflows
Based on SoSoValue’s report, BlackRock’s ETHA fund was the highest gainer with an inflow of $499 million, with Fidelity’s FETH closely following with an additional $113 million. US spot Ethereum ETFs now cumulatively hold over 5 million ETH, representing more than 4% of Ethereum’s total circulating supply.
Since their inception in July 2024, these ETFs have experienced net inflows of $6.48 billion, with $1.8 billion coming in during the past five days alone. This surge is indicative of an increasing demand for ETH amid shifting market conditions.
ETH Surpasses $3,400
As of now, Ethereum is priced at just under $3,400, which is an 8.85% increase in the last twenty-four hours. The rise comes as Bitcoin’s market share starts receding after facing resistance since 2020, narrowing the hopes for the further altcoin surge in the weeks to come.
The chart also displays the 20-day and 50-day Exponential Moving Averages, sitting at $2,866 and $2,647 respectively, which act as heavy buying support zones as ETH tries to test new all-time highs extending 5,000 dollars.
Despite worries over whether a price increase might curb access to Ethereum for mid tier buyers, on-chain data suggests that Ethereum is being actively accumulated by large investors or whales. For example, whale “0x52e” bought 4,707 ETH at a cost of 15.79 million dollars, whale “0x310” spent 15 million on 4,413 ETH and whale “0x8af” bought 2,393 ETH for 8 million dollars.
These purchases indicate growing bullish sentiment on Ethereum since all purchases were above 3,342 marking a bullish view for Ethereum, the second largest cryptocurrency.
Also, whale “0x35fb” not only bought ETH, he has also moved 7,980 ETH roughly worth $26.86 million from Kraken exchange, demonstrating a tendency to HODL rather than exchange the tokens. This recent move increases the balance of ETH withdrawn from Kraken in the last week to 88,292 tokens which amounts to 298.26 million dollars.
ETH Corporate Treasuries Gain Traction Following ETF Success
Interest in Ethereum has been growing among corporate circles. Some well-known publicly listed companies are spending large amounts of their treasury reserves on ETH. Just today, SharpLink Gaming has increased its ETH holdings to 10,854 ETH after buying 10,614 ETH the previous day at \$35.62 million. This translates to \$34.37 million. The firm’s total ETH holdings positions them at 307,362 ETH or \$1.03 billion.
ETH-centered treasury firms as a whole have been purchasing ETH for the last month netting 600,000 ETH, amounting to over \$2 billion in total holdings. This total includes GameSquare’s \$100 million ETH strategy along with purchases from BitMine and several other companies.
Not too long ago, AB Kuai.Dong, a contributor for Binance Square, disclosed on X that Ether as an asset has much more potential compared to Bitcoin. In his view, the Bitcoin market has already matured, losing Ether poses a new aggressive angle for companies trying to capture retail attention. The smaller the market cap is relative to crypto’s largest asset, the greater the chances of growth and innovative hype.
