BlackRock Still Buying Ethereum, Will ETH Price Reverse Trend?

Although the week closed with a modest net outflow across all funds, BlackRock continued to strengthen its Ethereum position.

According to data from Farside Investors, BlackRock’s iShares Ethereum ETF has been leading the charge, with a $519 million inflow on August 14. While the week ended with a slight net outflow of $59 million across all funds, BlackRock continued its accumulation, adding another $338 million on August 15.

By the end of July, the asset manager had already accumulated $11.4 billion worth of Ethereum in just a matter of weeks, underscoring its conviction in ETH despite prevailing volatility in the broader crypto market.

Ethereum ETFs are experiencing unprecedented demand, with inflows and trading activity reaching record-breaking levels. This week alone, net inflows totaled $2.85 billion, while trading volume surged past $17 billion. 

Monday marked a milestone for the asset, as spot Ethereum ETFs recorded their largest single-day net inflows ever, amounting to $1.01 billion. Over the first two weeks of August, inflows exceeded $3 billion, making it the second-best month on record for Ethereum ETFs. BlackRock’s iShares Ethereum ETF has led this surge, attracting $519 million in new inflows on August 14 alone.

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Ethereum itself has remained firmly in the spotlight, supported by strong institutional demand and regulatory developments. 

On Thursday, the world’s second-largest cryptocurrency by market capitalization climbed 0.7% to hover above $4,700 per token, edging closer to its all-time high of $4,891.70 set in 2021. 

The Securities and Exchange Commission’s recent “Project Crypto” initiative, which aims to modernize the agency and establish clear digital asset regulations, has also fueled optimism around ETH’s long-term adoption.

Market sentiment briefly wavered earlier this week after a major Ethereum ICO-era whale executed a new round of profit-taking, triggering concerns about increased sell pressure. 

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However, those fears have since eased as demand from ETFs and corporate buyers appears to be absorbing the selling activity. Despite this bullish backdrop, some traders remain concerned that Ethereum has yet to break decisively above its 2021 peak, with the price still about 3% shy of the $5,000 psychological milestone.

Adding to the momentum, Standard Chartered has significantly raised its Ethereum price targets, citing rising institutional participation and disclosed plans for corporate reserve accumulation. 

The bank now projects ETH to reach $7,500 by the end of 2025, up from its prior forecast of $4,000. Its long-term outlook has also been revised upward, with a new 2028 year-end target of $25,000 compared to $7,500 previously. 

Corporate accumulation plans may prove to be a major catalyst, with combined targets across several companies totaling $30.4 billion in ETH. Bitmine is expected to lead these efforts with an allocation of $22 billion, representing nearly 5% of the total ETH supply.