BlackRock Ethereum ETF Hits New Milestone, $5000 ETH Price Soon?
The BlackRock Ethereum ETF (ETHA) has been single-handedly dominating inflows into the US Ether ETF market crossing more than $2.6 billion in net inflows since inception.
On Thursday, ETHA reported the highest-ever daily inflows at $292 million pushing the net inflows to more than $428 million.
The ETH price is flirting around $3,900 levels looking for a potential breakout to all-time high levels of $5,000 and above.
BlackRock Ethereum ETF Hits New Milestone
BlackRock’s iShares Ether ETF (ETHA), witnessed the highest daily inflows since its inception on Thursday at $292 million. Over the past week, ETHA has been single-handedly driving the total inflows with itself clocking $800 million in inflows during the past five trading sessions.
As of now, the BlackRock Ethereum ETF holds 837.5K ETH, worth $3.27 billion, solidifying its position as a dominant player in the market.
Since its July launch, BlackRock iShares Ethereum ETF alone has attracted $2.6 billion in total inflows, per data from Farside Investors. The growing momentum highlights increasing investor interest in Ethereum-focused financial products.
Following yesterday’s numbers, the net inflows across all US Ether ETFs also crossed $1 billion for the first time, now at $1.3 billion.
Nate Geraci, President of ETF Store, said that the ETFs have achieved this milestone despite facing significant obstacles such as restrictions on staking capabilities, $3.5 billion outflows from Grayscale’s ETHE, absence of options trading for Ether ETFs, etc.
ETH Price Rally to $5,000 Soon?
Despite 9% gains on the weekly chart, the Ethereum price is currently confronting a major resistance at $3928, crossing which it can set the eyes on $5,000.
Renowned crypto analyst Venturefounder points out that ETH is approaching a breakout from a three-year-long triangle consolidation pattern.
