BlackRock Ethereum ETF holdings for Ethereum have now reached 3.5 million coins.
Overall, Ethereum ETFs recorded $639 million in inflows, which is nearly three times more than Bitcoin ETFs.
Despite strong ETF demand, ETH price has stalled after topping $4,700.
BlackRock Ethereum ETF (ETHA) dominated the $639 million in inflows across all US ETF issuers on Aug. 14. BlackRock alone contributed a staggering $519 million, scooping a total of 114,069 ETH yesterday. This comes even as ETH ETH$4 63624h volatility:0.4%Market cap:$560.63 BVol. 24h:$63.95 B
price faced a minor pullback, and is trading 2.29% down at $4,640, with its market cap of $560 billion.
BlackRock Ethereum ETF Adds Over 100K ETH
BlackRock’s iShares Ethereum Trust (ETHA) has been on an unstoppable ETH acquisition spree, scooping over 100K ETH, for the third day this week. For the past four days, it has already crossed more than $2 billion in net inflows. On Aug. 14, the daily trading volume for ETHA was $2.9 billion, suggesting high trading activity.
Within the last two months, the net inflows in BlackRock Ethereum ETH have surged from $5 billion, to $12 billion. With its continued ETH purchases, the total holdings of ETHA, have now reached closer to 3.5 million, according to the official iShares data.
On Aug. 14, spot Ethereum ETFs saw net inflows of approximately 139,319 ETH, significantly outpacing the network’s net issuance of about 2,372 ETH. This means ETH ETFs purchased roughly 58.7 times more Ether than was newly issued by the network during the day.
On the other hand, inflows into Ethereum ETFs are significantly outpacing that into Bitcoin ETFs over the past few weeks. Yesterday, net inflows into spot Bitcoin ETFs were just $230 million, one-third of that seen in Ethereum ETFs.
ETH Price Rally Stalls
After surging past $4,700, ETH price has seen some pullback and is currently finding support at $4,600. Earlier today, on Aug. 15, ETH price bounced from the support at $4,466. This comes as long-term ETH holders resolve to profit booking.
BlackRock Ethereum ETF Dominates Inflows Even as ETH Price Rally Stalls
Ethereum is trading above $4,550 and the 100-hourly Simple Moving Average, with a bullish trend line forming near the $4,500 support on the hourly ETH/USD chart.
On the upside, initial resistance is seen around $4,640, followed by $4,680. The first major barrier is near $4,720, and a breakout above this level could push the price toward $4,780. A decisive move above $4,780 may open the door for further gains, targeting $4,880 or even $5,000 in the near term.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.