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BlackRock, Fidelity, Grayscale on Ethereum Buying Spree, Adding Another 155,000 ETH
Top asset managers like BlackRock, Fidelity, and Grayscale have been on a heavy Ethereum accumulation spree, scooping a total of 155,620 ETH on August 13, through their Ether ETF funds. The BlackRock iShares Ether Trust (ETHA) alone contributed $500 million in inflows yesterday. Within the first three days of the week, the ETFs have already crossed $2.2 billion in net inflows, highlighting strong institutional interest.
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BlackRock Ether ETF Approaches 3.5 Million Ethereum Holdings
On Wednesday, August 13, BlackRock Ether ETF (ETHA) clocked net inflows of 105,900 ETH, thereby hitting the seventh day of over 100K ETH accumulation since inception. Additionally, ETHA hit another milestone, clocking a record $3 billion in trading volumes on August 13.
Source: Trader TThe ETHA share price has continued to rally to new all-time highs, gaining another 5% yesterday, and closing at $35.90. With ETH price approaching its all-time highs, the net assets under management of ETHA, have reached closer to $16 billion. Furthermore, the fund’s total ETH holdings are now approaching closer to 3.5 million.
Apart from BlackRock, Fidelity Ethereum ETF (FETH) also saw $155 million in inflows yesterday, followed by Grayscale’s mini-Ether ETF (ETH) at $51.3 million, as per Farisdie Investors data. Following massive institutional inflows this week, the net inflows across all US ETF issuers have now crossed $12 billion since inception.
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Ether ETFs Outperform Bitcoin ETFs
Although the Bitcoin ETF inflows have slowed down over the past few weeks, Ether ETFs have been seeing strong institutional demand, leading to outperformance. On Wednesday,
Ethereum ETFs saw net inflows of approximately 155,620 ETH, worth $704.3 million, significantly outpacing the net new ETH issuance of roughly 2,387 ETH. This means ETFs bought 65 times more ETH than the network issued. In comparison, Bitcoin ETFs recorded $86.7 million in inflows. This marks the third consecutive day that ETH has attracted higher inflows than Bitcoin.
Apart from ETFs, the recent outperformance is also reflected in the price. ETH is up by a massive 30% over the past week, while BTC has gained 6.5% during the same time. However, Bitcoin price made new all-time highs, surging to $124,500, earlier today, amid expectations of Fed rate cuts during September’s FOMC meeting.
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