The world’s largest asset manager, BlackRock (NYSE: BLK), continues to assert its dominance in the cryptocurrency space with a massive Ethereum (ETH) purchase worth over $1 billion in 48 hours.
On-chain data shows that on July 17, BlackRock’s Ethereum exchange-traded fund (ETHA) recorded its largest single-day net inflow ever, pulling in 148,585 ETH, worth approximately $510 million.
The buying spree continued on July 18, with the firm acquiring an additional 158,875 ETH valued at $574 million. In total, BlackRock purchased 307,461 ETH, valued at $1.11 billion, across the two days, according to data obtained by Finbold from Lookonchain on July 19.
Following this accumulation, BlackRock’s total Ethereum holdings surged to 2.46 million ETH, equivalent to $8.9 billion as of July 18.
ETHNA leads Ethereum ETF inflows
Notably, the significant purchases by BlackRock helped lead the Ethereum ETF market at the close of trading on Friday. On July 18, Ethereum spot ETFs saw a combined $402.5 million in net inflows.
BlackRock’s ETHA dominated with $394.9 million in inflows, accounting for nearly 98% of total net inflows, extending its lead for a second consecutive day. Bitwise and VanEck recorded modest gains, while Fidelity and Grayscale posted outflows.
Meanwhile, on July 17, Ethereum ETFs surpassed $5.5 billion in total inflows, with over $3.3 billion added since mid-April. To this end, Bloomberg analyst James Seyffart attributed the surge in part to Ethereum’s basis yield returning to double digits, its highest since December 2024, alongside rising open interest in CME ETH futures.
This growing institutional demand has also helped lift Ethereum’s price, which is now facing long-term resistance at $4,000.
ETH price analysis
As of press time, the second-largest cryptocurrency by market cap was trading at $3,553, down 1.5% in the last 24 hours. On the weekly chart, however, ETH is up nearly 20%.
Looking ahead, Ethereum has a chance of breaching the $4,000 mark, provided the current bullish market sentiment persists. The immediate price target is breaking through the $3,700 to $3,800 resistance zone.
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