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08/13 02:10

Ethereum ETFs Buy $1 Billion Worth of ETH Arkham d

Ethereum ETFs Buy $1 Billion Worth of ETH

Arkham data shows that the funds bought $1 billion in ETH today. The on-chain analytics platform revealed that BlackRock bought $640 million of ETH while Fidelity and Grayscale bought $270 million and $80 million for their respective funds.

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This coincides with the $1 billion inflows that the Ethereum ETFs recorded on August 11, their best outing since launch last year. As CoinGape reported, BlackRock’s ETH ETF (ETHA) led the charge, with $640 million in inflows, a personal best for the fund since launch.

Fidelity saw an inflow of $276.90 million. Notably, all the ETH funds besides Invesco recorded net inflows. It is also worth mentioning that these Ethereum ETFs have taken in over $ billion in net inflows since May.

This massive buying pressure has sparked a resurgence in the Ethereum price, which continues to reach new yearly highs. ETH broke above $4,500 today and is now looking to reach its ATH of around $4,800.

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Besides the Ethereum ETFs, other factors have sparked this rally for the ETH price. This includes the report that Ethereum treasury company BitMine has expanded its stock offering to $24.5 billion for a massive ETH treasury push. Tom Lee’s company is currently the largest public ETH holder, with its holdings worth over $5 billion.

Meanwhile, the U.S. CPI data came in at 2.7%, below expectations, boosting hopes of a September Fed rate cut. Rate cuts are usually more bullish for altcoins since they increase risk-on sentiment. ETH, as the largest altcoin, could benefit the most.

#HTX 12th-Anniversary Carnival#ETH price breaks through $4,600, buy or sell?#Win 200 USDT: Is ETH Kicking Off Altcoin Season? #Do you think TREE is promising? #Do you think Tanssi is promising?

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