In recent days, 2 of the major asset managers offering spot Ethereum ETFs on US soil have purchased a large amount of Ether (ETH). These transactions coincide with the recent strong results of spot ETH ETFs which continue to attract hundreds of millions of dollars daily.
Ethereum spot ETF issuers Blackrock and Fidelity accumulate ETH
Between December 5 and 11, Blackrock and Fidelity2 asset managers notably known for offering spot Bitcoin ETFs and spot Ethereum ETFs in the United States, purchased Ether (ETH) for a total amount of almost $890 million.
According to Arkham Intelligence data, the two companies mainly used the Coinbase exchangeas well as its platform dedicated to institutional players called Primein order to make their purchases.
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In total, BlackRock acquired 130,960 ETH for $473.25 million. For its part, Fidelity bought 108,150 ETH against the sum of 410 million dollars.
PAST 48 HOURS: BLACKROCK AND FIDELITY BOUGHT OVER HALF A BILLION USD OF ETH pic.twitter.com/44N5mRAT5O
— Arkham (@arkham) December 11, 2024
These transactions take place while the Ethereum spot ETFs, and more particularly those issued by Blackrock and Fidelity, enjoy resounding success. Last May, the Securities and Exchange Commission (SEC) approved the issuance of 8 spot ETH ETFsincluding Blackrock's iShares Ethereum Trust (ETHA) and Fidelity's Fidelity Ethereum Fund (FETH).
At the end of July, these spot ETH ETFs landed on the American market. Despite a good launch day, these ETFs struggled to record net inflowsgenerating net outgoing flows on many occasions. So much so that at the beginning of November, ETH Ethereum spot was accusing an outgoing volume of nearly $500 million since July 22.
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Ethereum spot ETFs have recorded record inbound volumes for several weeks
However, the situation has changed. On November 6, Donald Trump announced as the big winner of the US presidential elections. As predicted by many analysts, the cryptocurrency market has experienced a significant increase and more and more investors have decided to take an interest in it.
Between November 22 and December 11, spot ETH ETFs remain over a series of 13 days where they recorded positive net flows. The day of December 5 is even to be marked with a white stone since $428 million net incoming flows were recorded, a record since their launch.
Thus, as of December 11, spot Ethereum ETFs in the United States are flirting with the $2 billion mark of incoming volume.
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BlackRock ETHA and Fidelity FETH among spot Ethereum ETFs the most efficienthaving generated respectively 311.19 million and 232.37 million dollars of net incoming flows over the period between December 7 and 11.
As for the price of Ether, this is up more than 60% compared to its price on November 5. While it was trading at around $2,400 just before the announcement of Donald Trump's victory, ETH now costs almost $4,000 at the time of writing these lines.
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Source: SoSoValue
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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