BlackRock Buys $158.6 Million in Ethereum, Institutional Accumulation Surges 150% in 2 Months

BlackRock, the world’s largest asset manager, has made a significant move in the cryptocurrency market by purchasing $158.6 million worth of Ethereum (ETH). This acquisition brings BlackRock’s total Ethereum holdings to approximately $4.45 billion, which represents about 1.5% of all ETH in circulation. This move is part of a broader trend of institutional accumulation, with BlackRock having purchased $1.5 billion in ETH over the past two months.

The latest acquisition by BlackRock comes amid a surge in institutional interest in Ethereum. Over the past 30 days, institutions have collectively bought $830 million in ETH, with BlackRock, SharpLink Gaming, and Bit Digital leading the charge. Notably, Bit Digital has entirely shifted its holdings from Bitcoin to Ethereum, now holding $254.8 million in ETH. SharpLink Gaming has also adopted Ethereum as a treasury asset, holding 176,271 ETH worth over $490 million.

On-chain analysts have observed a significant increase in whale wallet activity and coordinated buys across large wallets. Merlijn The Trader, a popular analyst, highlighted similarities between the current Ethereum accumulation phase and the 2016–2017 cycle, suggesting a potential for substantial price appreciation. Despite the institutional bullishness and growing ETF inflows, Ethereum’s price action has remained relatively subdued, with concerns about the sustainability of the current rally.

Ethereum’s price has struggled to reclaim $3,000, with some analysts pointing to the risk of a broader Bitcoin sell-off stalling Ethereum’s upside. However, the long-term setup continues to favor Ethereum. Most stablecoins continue to be issued on Ethereum’s ERC-20 standard, and new efforts by the Ethereum Foundation to regain community confidence could inspire further upside for Ethereum. With ETH ETFs gaining traction, institutional allocations rising, and whales leading the charge, Ethereum may be building quietly toward its next breakout.

BlackRock’s aggressive ETH purchases coincide with strong inflows into spot Ethereum ETFs. On Wednesday, ETHA, BlackRock’s Ethereum ETF, led the market with over 75% of the $211.3 million total ETF inflows for the day. Fidelity’s FETH came in second with $29.5 million, followed by Grayscale’s ETH product at $18 million. These ETFs have now posted eight straight weeks of positive inflows, accumulating more than 61,000 ETH in total. In the last 30 days alone, institutions have bought $830 million worth of ETH, in a show of serious demand from professional investors.

Ethereum is currently being outpaced by Bitcoin, but this could be changing soon. Analysts see a possible 10x move on Ethereum, similar to its moves back in 2017. The question is no longer if institutions are interested in Ethereum. It’s how long they plan to keep accumulating before the rest of the market catches up.