Key Highlights:
- BlackRock’s iShares Ethereum Trust (ETHA) recently recorded $499 million in daily inflows.
- Total inflows into Ethereum spot ETFs reached $726.7 million in a single day on Wednesday.
- Ethereum’s price surged to a six-month high, boosting confidence across the crypto market.
The crypto industry witnessed another historic moment as Ethereum spot ETFs posted their highest single-day inflow. The market pulled in a staggering $726.7 million.
Amid this, iShares Ethereum Trust (ETHA) of BlackRock is leading the charge with $499 million. The price of Ethereum has strongly recovered to levels not seen since the beginning of the year. Also, this spike coincides with growing institutional interest.
BlackRock Pushes Ethereum ETF Demand to New Heights
Involvement of BlackRock in crypto has always been one of the biggest signals to trad-fi. On July 16, for example, the ETHA saw the largest inflow among all Ethereum spot ETFs. It pulled in nearly $500 million in a single day.
This contribution brought ETHA’s total net inflows to $7.11 billion, by far the highest among its peers. Fidelity’s Ethereum Fund (FETH) followed with $113 million, bringing its total to $1.98 billion.
Other Ethereum ETF providers also saw positive traction. The Grayscale Ethereum Trust (ETHE) has a $54 million inflow, and the Grayscale Mini Trust (ETH) has a $33 million inflow.
Also, the Bitwise Ethereum ETF (ETHW) has $14.5 million inflow. This widespread participation shows that investor trust in Ethereum-backed financial products is rising.
Ethereum Price Surges to $3,380
On the back of this BlackRock ETH accumulation, Ethereum saw its price jump by over 7% in 24 hours to $3,380. This marks a six-month high and shows Ethereum hitting a point it last touched in late January.
The network’s rally outperformed most of the top 10 cryptocurrencies, trailing only behind XRP. Other altcoins like Solana, Dogecoin, and Cardano also saw moderate gains amid the overall bullish trend across the market.
According to analysts, Ethereum’s next price target could be $4,000 if momentum continues. In addition, many investors hope this surge is just the beginning of another major crypto cycle, especially for altcoins.
Ethereum Confidence Soars as BlackRock and Others Drive Institutional Buying
The ETF inflow story isn’t the only reason for Ethereum’s bullish run. Corporate treasuries are also increasing their Ether holdings. Companies now collectively hold over $5.33 billion worth of ETH. This means they possess around 1.33% of its circulating supply.
Some notable entities accumulating Ethereum other than BlackRock include SharpLink Gaming. It purchased $68 million worth of ETH in the last 24 hours. In addition, the firm has collected $343 million over just eight days.
Trump-affiliated World Liberty Financial is another entity raking in Ethereum lately, with $5 million recently added to its ETH reserves.
Finally, BitMine Immersion Technologies now holds over $500 million in ETH, according to company reports. These investments show that confidence in Ethereum is on the rise.
What does this mean for Ethereum’s Future?
Ethereum’s strong fundamentals, network upgrades, and increasing adoption continue to make it an investor favorite. ETFs’ increasing dominance means more investors are interested in gaining exposure to Ethereum.
They want to do this without holding the asset. This lowers the barrier to entry and increases demand.
Ethereum’s next major upgrades, especially those focusing on scalability and gas efficiency, are expected to attract even more activity. Analysts call for price targets as high as $30,000 for Ethereum during this cycle and the next.
One such analyst is Defi Dad, who expects the cryptocurrency to go as high as $30,000 soon. Analyst John K. Davies expects a price tag of $6,000 soon.
The analyst also expects the price tag to be above $10,000 in the second quarter of next year. If this trend continues, we could enter a new phase of mainstream integration for Ethereum.
