Ethereum gains institutional support with BlackRock and Fidelity inflows
ETH receives support from ETF investments
The cryptocurrency market is once again experiencing a surge in institutional activity, with Ethereum (ETH) taking center stage. On June 5, investment giant BlackRock significantly increased its Ethereum holdings by acquiring $34.7 million worth of the cryptocurrency.
The transaction was conducted through the iShares Ethereum Trust and added 27,846 ETH to the firm’s portfolio, bringing its total Ethereum assets to approximately 1.49 million ETH, valued at around $3.93 billion, according to The Coin Republic.
Key takeaways
• BlackRock purchased $34.7 million worth of Ethereum, raising its ETH holdings to $3.93 billion.
• This marks the 12th consecutive day of institutional inflows into ETH from BlackRock.
• The Pectra upgrade and ongoing institutional buying enhance ETH’s growth potential despite market skepticism.
Price momentum and long-term confidence in ETH
This purchase represents the 12th straight day of inflows into Ethereum from BlackRock, indicating sustained institutional confidence in the digital asset’s long-term potential.
Loading...
Ethereum’s price has shown strong upward momentum in recent weeks, rising from just above $1,900 in May to over $2,500. This positive trend, combined with consistent BlackRock investments, underscores growing interest from major financial players. Other institutions, including Fidelity, are also expanding their ETH exposure through exchange-traded funds (ETFs), further cementing Ethereum’s status as a mature investment asset.
Technical picture and market outlook
The broader crypto community is closely watching ETH’s price movements, particularly as it consolidates within a narrow range. According to TradingView, ETH is fluctuating around $2,490, indicating market uncertainty but also a potential period of stability ahead of a breakout. Technical indicators suggest that breaking key resistance levels could open the door to further gains.
ETH Price Action. Source: TradingVie
Protocol upgrades like the recent Pectra update — aimed at improving scalability and reducing inflation — have made ETH even more attractive to institutional investors. Despite growing optimism, market expectations remain cautious. According to Polymarket, there is only a 25% chance that ETH will reach a new all-time high by 2025.
Nonetheless, sustained inflows from entities like BlackRock offer fundamental support that could drive the asset higher in the coming months. If Ethereum holds above current support levels, the market could be primed for a breakout fueled by institutional demand.
Read also: Ethereum regains DeFi dominance thanks to trading Bots.
