Inflows into Ethereum ETFs surged driven by BlackRock purchases

According to CoinMarketCap portal, citing an analysis by Arkham, BlackRock purchased more than $500 million worth of Ethereum (ETH) over the course of ten days. This marked one of the largest rounds of crypto asset purchases by institutional investors in recent months.

Cumulative inflows into all exchange traded funds (ETFs) on ETH have reached all-time highs, as reported by CoinMarketCap. Yesterday alone, inflows of $25.3 million were recorded. Grayscale and BlackRock now account for the majority of inflows, confirming the growing institutional demand for ETH.

As CoinMarketCap reporters note, BlackRock's goal is to create a multi-asset cryptocurrency portfolio based on ETH and BTC. From April through early June, the ETF saw a steady weekly inflow of funds, peaking with daily deposits of between 20,000 and 60,000 ETH. 

Transaction data confirms that BlackRock's ETHA wallet received several large deposits from Coinbase Prime in a single week, including three deposits of more than $70 million each. The most recent transfer–10,000 ETH worth more than $25 million–was made on Saturday.