Strategic Accumulation Resumes After Brief Outflow
BlackRock made headlines again on June 24 by purchasing over 11,000 ETH—worth approximately $27.2 million—through Coinbase Prime. The acquisitions were split into two transfers: 4,224 ETH ($10.3 million) and 6,961 ETH ($16.9 million), both directed into wallets tied to its iShares Ethereum Trust (ETHA).
This move came just one day after a withdrawal of nearly 9,928 ETH (around $24.2 million) from ETHA to Coinbase on June 23, which many interpreted as a short-term profit-taking or portfolio rebalance. However, the quick turnaround suggests BlackRock is back in accumulation mode.
Notably, ETHA had experienced a $19.7 million outflow on June 20—the first such event after 30 days of consistent inflows. The renewed buying activity on June 24 signals a possible return to bullish sentiment.
Spot ETH ETFs See Surge in Institutional Activity
The broader Ethereum ETF landscape is booming. Within just 15 trading sessions, net inflows into spot ETH ETFs topped $4 billion.
Key developments include:
- ETHA leads the pack with $5.3 billion in gross inflows.
- As of June 23, ETHA commands roughly 31.8% of total market share.
- Fidelity’s FETH and Grayscale’s ETHE trail behind at approximately 18% and 15.5%, respectively.
Additionally, Ethereum futures open interest has surged nearly 40% over the past month to reach around $36 billion. Technical indicators suggest potential ETH rallies between $3,100 and $3,600.
What This Means for the Market
Several insights emerge from this latest activity:
- Tactical repositioning: The June 23 withdrawal may have been strategic—perhaps profit-taking in Bitcoin. However, the subsequent ETH purchases show conviction in Ethereum’s near-term prospects.
- Rising institutional momentum: Spot ETH ETFs are attracting growing interest. BlackRock’s aggressive stance reinforces a broader trend of institutional accumulation.
- Market outlook: While technicals support a bullish bias, ETH remains between its 50-day and 200-day moving averages, hinting at cautious optimism amid potential volatility.
BlackRock’s sharp pivot from withdrawing to buying over 11,000 ETH within 24 hours points to a deliberate and confident accumulation strategy. With total spot ETH ETF inflows surpassing $4 billion and ETHA dominating market share, institutional investors appear increasingly bullish on Ethereum’s trajectory.
