Due to the expectation of a significant breakthrough in ETH prices, BlackRock's Ethereum ETF has seen inflows for ten consecutive days, totaling over $1.3 billion during this period.
BlackRock's Ethereum ETF has experienced significant inflows over the past 10 trading days, surpassing the $3 billion milestone since its inception. The ETH price has rebounded to $4,000, influenced by Donald Trump's crypto-friendly policies affecting institutional inflows into Ethereum ETFs. Market analysts believe that if this inflow continues, we can expect ETH to reach $15,000 within the next 6 to 8 months.
BlackRock's Ethereum ETF sets a new milestone
BlackRock's iShares Ethereum ETF (ETHA) has seen inflows for 10 consecutive days, with a net inflow of over $1.3 billion during this period. According to Farside Investors, the total inflow for ETHA since its inception has reached nearly $3.2 billion.
The surge in demand highlights the growing interest in Ethereum exchange-traded funds, which have attracted over $2 billion in inflows since their launch in July. This is despite outflows of $3.5 billion from Grayscale Ethereum Trust (ETHE) during the same period.
On Thursday, December 12, BlackRock's Ethereum ETF welcomed an inflow of $202 million. The second highest inflow was for Grayscale's mini Ethereum ETF (ETH), with inflows exceeding $73 million. On the other hand, Fidelity's FETH has also seen strong inflows of nearly $1.4 billion since its inception.
Additionally, BlackRock's management team has high hopes for the future performance of its Ethereum ETF. Jay Jacobs from BlackRock's ETF division stated:
"We are actually just scratching the surface in the Bitcoin and Ethereum space. Only a small portion of our clients own ($IBIT and $ETHA), so we are focusing on this (rather than launching new altcoin ETFs)."
Is the ETH price about to surge significantly?
The ETH price rebounded to $4,000 on Thursday but still faces resistance at that level. As of the time of writing, the Ethereum price has fallen 0.74% to $3,913, with a market cap of $471 billion. Nevertheless, market analysts remain optimistic about Ethereum, expecting significant increases in the future.
Renowned cryptocurrency analyst VentureFounder stated that as long as the Ethereum price remains above $3,712, it is expected to close with another weekly green candle. The analyst's long-term outlook suggests that ETH could reach a price target of $15,937 by May 2025. In the short term, VentureFounder believes that Ethereum's next three-week green candle could push the cryptocurrency to its previous historical high of $4,900.
Therefore, if the inflows into BlackRock's Ethereum ETF continue at the same pace, ETH may rise further. However, the asset needs to first break through the key resistance level of the Ethereum price to reach the $5,000 target and set a new historical high.
