BlackRock and Fidelity Acquire $500 Million in Ethereum for ETFs Over Two Days

BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) purchased $500 million worth of Ethereum between December 10 and 11, according to data from Arkham.

PAST 48 HOURS: BLACKROCK AND FIDELITY BOUGHT OVER HALF A BILLION USD OF ETH pic.twitter.com/44N5mRAT5O

— Arkham (@arkham) December 11, 2024

BlackRock and Fidelity acquired the coins through Coinbase and its Prime platform.

Since the launch of ETHA, it has attracted $2.99 billion, including $74.16 million on December 11, while FETH has accumulated $1.35 billion ($0 on the same day).

Overall, the sector saw inflows of $1.97 billion. This figure was influenced by a $3 billion outflow from Grayscale’s ETHE. The total AUM reached $13.18 billion.

The positive inflow trend continued for the 13th consecutive day.

At the time of writing, Ethereum is trading at $3930, with a 6.7% increase over the past 24 hours.

Experts have noted signals of Ethereum potentially reaching new highs soon, citing ETF inflows as one of the indicators.

In early December, CoinDesk analyst Omkar Godbole highlighted the formation of a bullish pattern on the asset’s chart, similar to one that preceded Bitcoin’s rally in November. On December 6, Ethereum’s price exceeded $4000 for the first time since March.

Previously, an analyst known as VentureFounder identified a “cup and handle” pattern in Ethereum, suggesting a rise to $7200 within four months.