The world’s largest investment firm, BlackRock, continues to flex its muscle in the cryptocurrency space through the steady accumulation of assets via spot exchange-traded funds (ETFs).
To this end, data indicates that the company poured $314.9 million into its Ethereum spot ETF (ETHA) on August 25, marking one of the biggest single-day inflows since trading began.
The move was part of a broader buying spree across multiple issuers. For instance, Fidelity attracted $87.4 million, Bitwise added $9.7 million, while Grayscale’s ETH fund recorded $53.3 million in net inflows despite a $29.2 million outflow from its ETHE product.
Invesco and 21Shares also posted smaller gains of $2.2 million and $5.6 million, respectively. In total, Ethereum spot ETFs drew $443.9 million in fresh capital on Monday.
The August 25 surge wasn’t an isolated event. Just days earlier, on August 22, BlackRock recorded another $109.4 million inflow, while Fidelity pulled in $117.9 million and Bitwise added $36.3 million, bringing the day’s total to $337.7 million.
Ethereum ETF net inflow. Source: CoinglassOn August 21, BlackRock saw an even larger inflow of $233.6 million, contributing to a combined $287.6 million across issuers.
Ethereum’s momentum to $5,000
Indeed, BlackRock continues to show strong interest in Ethereum after the asset’s recent price momentum near the $5,000 mark.
Notably, after the cryptocurrency briefly touched an all-time high just shy of $5,000, the second-ranked digital asset by market cap has since retraced in line with broader market sentiment.
By press time, Ethereum was trading at $4,530, down 1% in the last 24 hours. However, over the past week, the asset has gained more than 8%.
XRP seven-day price chart. Source: FinboldAs things stand, Ethereum’s main hurdle is retaining the $4,500 support zone, which is key to opening the door toward the $5,000 milestone.
Featured image via Shutterstock
Source: https://finbold.com/blackrock-just-spent-over-300-million-buying-this-crypto/
