BlackRock Leads $455 Million Ethereum ETF Inflows, as ETH Price Shoots 4%

World’s largest asset manager BlackRock led the $450 million inflows registered across all US Ethereum ETF issuers on August 26.

Inflows into Ether ETFs have shot up significantly this week, crossing the $13 billion milestone since inception. The ETH price has bounced back once again, gaining 4.5% today, and surging past $4,600 levels.

Spot Ethereum ETF Inflows Surge Again, Led by BlackRock

US-listed Ethereum ETFs recorded $455 million in net inflows on Tuesday, marking their fourth straight day of gains.

Data from SoSoValue shows that both BlackRock and Fidelity led the surge, with ETHA adding $323 million and FETH bringing in $85.5 million. Grayscale’s ETHE and its Mini Ethereum Trust also reported positive inflows.

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Amid the ongoing development, BlackRock iShares Ethereum Trust (ETHA) is hitting new records with $16.5 billion in assets under management.

The asset manager purchased an additional 71,037 ETH, valued at $323.08 million, with $2 billion in trading volume on August 26. This marks the fourth consecutive day of inflows for the fund, bringing its cumulative total to $984 million.

The BlackRock Ethereum ETF now holds a total of 3.775 million of Ethereum, with more than 2million ETH accumulated just over the past two months.

On Tuesday, the ETHA share price surged another 4%, closing at the high of $34.82. Also, the share price is up by over 100% in the last six months, highlighting strong demand for the BlackRock fund.

Meanwhile, Bitcoin ETFs recorded $88.2 million in total daily inflows across six funds, continuing a trend where Ether ETFs are outpacing their Bitcoin counterparts.

On Monday, inflows into Ethereum ETFs were more than double those of spot Bitcoin ETFs, signaling a “significant rotational shift” from Bitcoin to Ethereum.

ETH Price Rises 4% Above $4,600

ETH price is once again showing strength after a pullback to $4,300 last week. Since then, Ethereum has regained 7% and is currently trading above $4,600 levels.

Analyst Daan Crypto Trades noted that ETH price is maintaining its diagonal support while consolidating in the current price range. Key levels to monitor include the 2021 all-time high near $4,900 and local support between $4,000 and $4,100.

Price action within this range is expected to remain volatile until a clear breakout direction emerges.

ETH Treasury firms continue to purchase in big numbers. Bitmine Technologies (NYSE: BMNR) purchased nearly 200,000 ETH over the past week.

Read original story BlackRock Leads $455 Million Ethereum ETF Inflows, as ETH Price Shoots 4% by Bhushan Akolkar at Coinspeaker.com

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