BlackRock just spent over $300 million buying this crypto

The world’s largest investment firm, BlackRock , continues to flex its muscle in the cryptocurrency space through the steady accumulation of assets via spot exchange-traded funds ( ETFs ). To this end, data indicates that the company poured $314.9 million into its Ethereum spot ETF (ETHA) on August 25, marking one of the biggest single-day inflows since trading began. The move was part of a broader buying spree across multiple issuers. For instance, Fidelity attracted $87.4 million, Bitwise added $9.7 million, while Grayscale’s ETH fund recorded $53.3 million in net inflows despite a $29.2 million outflow from its ETHE product. Invesco and 21Shares also posted smaller gains of $2.2 million and $5.6 million, respectively. In total, Ethereum spot ETFs drew $443.9 million in fresh capital on Monday. The August 25 surge wasn’t an isolated event. Just days earlier, on August 22, BlackRock recorded another $109.4 million inflow, while Fidelity pulled in $117.9 million and Bitwise added $36.3 million, bringing the day’s total to $337.7 million. Ethereum ETF net inflow. Source: Coinglass On August 21, BlackRock saw an even larger inflow of $233.6 million, contributing to a combined $287.6 million across issuers. Ethereum’s momentum to $5,000 Indeed, BlackRock continues to show strong interest in Ethereum after the asset’s recent price momentum near the $5,000 mark . Notably, after the cryptocurrency briefly touched an all-time high just shy of $5,000, the second-ranked digital asset by market cap has since retraced in line with broader market sentiment. By press time, Ethereum was trading at $4,530, down 1% in the last 24 hours. However, over the past week, the asset has gained more than 8%. XRP seven-day price chart. Source: Finbold As things stand, Ethereum’s main hurdle is retaining the $4,500 support zone, which is key to opening the door toward the $5,000 milestone. Featured image via Shutterstock The post BlackRock just spent over $300 million buying this crypto appeared first on Finbold .