BlackRock made a significant purchase of Ethereum, triggering substantial interest in this crypto asset. This article reviews the details of the deal and its market impact.
Record Ethereum Purchase
BlackRock purchased $499.2 million worth of Ethereum in a single day, setting a new record for the company. Its overall holdings in Ethereum now exceed $7 billion, which includes more than two million ETH.
Increase in Interest for Ethereum ETF
This purchase coincided with an increased demand for BlackRock's Ethereum ETF, known as the iShares Ethereum Trust (ETHA), which received $499.25 million in net inflows on July 16 alone. The fund's net assets have reached $7.73 billion.
Overall Trends in BlackRock's Cryptocurrency Portfolio
BlackRock's cryptocurrency portfolio continues to grow, reaching nearly $92 billion, with Bitcoin at $84.98 billion. Meanwhile, Ethereum is gradually gaining ground, as evidenced by new investments in Ethereum-based products.
With recent trends in Ethereum purchases by BlackRock and increasing interest in ETFs, it appears that institutional investments in Ethereum are gaining momentum.
