BlackRock and Fidelity ETFs Bought $500 Million in ETH in the Past 2 Days

Both of these giants made their ETH purchases primarily through the Coinbase exchange or the Coinbase Prime platform for institutional investors.

On the morning of December 12, on-chain data platform Arkham Intelligence reported that the two giants BlackRock and Fidelity have spent $500 million to buy ETH in the past two days. This huge amount of ETH was collected through wallet addresses believed to belong to two Ethereum ETFs, ETHA and FETH.

Data from Arkham shows that both funds made their purchases primarily through the Coinbase exchange or the Coinbase Prime platform for institutional investors to trade crypto.

The above move of the two funds took place right after Ethereum ETFs continued their successful streak with total inflows in the previous trading week reaching $836.8 million, breaking the record of $533.9 million in mid-November 2024. In particular, BlackRock's ETHA fund and Fidelity's FETH are the two Ethereum ETFs with the highest recorded inflows.

According to data from Farside Investors and The Block, on December 10, Fidelity's FETH fund recorded an impressive inflow of $202 million with a trading volume of $372.4 million. In addition, BlackRock's ETHA fund attracted $81.7 million in inflows with a trading volume of $103.7 million.

ETH price in the past 24 hours has also increased by more than 6.8% and is currently fluctuating around $3,900.

The move to buy ETH by the two "big guys" not only affirms the strong appeal of crypto ETF products but also reflects the huge capital flow into the cryptocurrency market. In addition, data from Whales Alert also recorded that the Tether treasury minted an additional 1 billion USDT in the past 24 hours, further reinforcing this opinion. This is considered a positive signal, especially in the context of the market maintaining a strong growth momentum by the end of 2024.

According to Token Terminal, the USDT supply on Ethereum has increased to 20 billion USD in the past 2 months, helping Ethereum surpass TRON to become the blockchain with the most concentration of this stablecoin.