US spot Ethereum exchange-traded funds (ETFs) recorded a historic daily net inflow of $726 million on Wednesday, signaling robust institutional interest in Ethereum as the altcoin market gains strength. The investment vehicles shattered the previous record that stood at $428 million, set on December 5, 2024, as ETH soared to levels not seen since January this year.
BlackRock Leads ETF Inflows
According to SoSoValue, BlackRock’s ETHA led the charge with $499 million in inflows, followed by Fidelity’s FETH, which added $113 million. In total, US spot Ether ETFs now hold more than 5 million ETH, representing over 4% of Ethereum’s circulating supply.
These ETFs cumulatively brought $6.48 billion in net inflow since their launch in July 2024. Over the past five trading days alone, they have attracted $1.8 billion in new capital as investors increasingly seek exposure to ETH amid shifting market dynamics.
ETH price is trading just under $3,400 at the time of writing, marking an 8.85% increase in the past 24 hours. The surge comes as Bitcoin dominance begins to decline after reaching the 2020 resistance, fueling expectations that the altcoin rally may persist in the coming weeks.
As clear from the chart above, the 20-day and 50-day Exponential Moving Averages at $2,866 and $2,647, respectively, act as major support levels for the ETH price trajectory as the cryptocurrency eyes new all-time highs above $5,000.
Despite concerns that the recent price surge may have reduced buying opportunities, on-chain data indicates that whales are actively accumulating ETH. Whale “0x52e” recently spent $15.79 million to purchase 4,707 ETH, whale “0x310” acquired 4,413 ETH for $15 million, and whale “0x8af” shopped 2,393 ETH for $8 million.
Notably, all three purchases were above the $3,340 level, suggesting long-term confidence in the second-largest cryptocurrency.
Additionally, whale “0x35fb” recently withdrew another 7,980 ETH (worth around $26.86 million) from Kraken, suggesting long-term holding behaviour. The latest move brings their total withdrawals from the exchange over the past week to 88,292 ETH (worth around $298.26 million).
ETH Corporate Treasuries Gain Traction Following ETF Success
Meanwhile, corporate demand for Ether continues to surge, as major public companies allocate significant portions of their treasuries to ETH. Earlier today, SharpLink Gaming added another 10,854 ETH ($34.37 million) to its ETH strategy reserve after adding 10,614 ETH ($35.62 million) the day prior. The firm now holds 307,362 ETH valued at around $1.03 billion.
Combining the recent acquisitions, ETH-focused treasury firms have amassed around 600,000 ETH, worth over $2 billion, over the past month. This includes GameSquare’s $100 million strategy and purchases by BitMine among others.
Binance Square contributor AB Kuai.Dong recently explained on X that while Bitcoin-focused strategies are already saturated, ETH offers a fresh narrative for companies looking to build market buzz. Ether’s smaller market cap compared to BTC also leaves significant room for growth and market imagination.
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