Ethereum exchange-traded fund issuers are ramping up purchases as the asset’s price shows signs of recovery.
Summary
- BlackRock bought $550 million in ETH over five days, raising its total holdings to $17 billion.
- Grayscale and Fidelity also increased their ETH positions as ETFs post fresh inflows.
- ETH has reclaimed $4,500, posting a 6% weekly gain after bouncing from $4,216 earlier in the week.
Over the past few days, millions worth of Ethereum (ETH) have been added to the portfolios of several ETF issuers. According to on-chain tracker Arkham Intelligence on Aug. 28, BlackRock recently purchased around $550 million worth of ETH.
The purchases, spread over the past five days, bring its total holdings to just over 3.6 million ETH, valued at roughly $17 billion at current prices. Similarly, Grayscale and Fidelity have been on their own buying streaks, increasing their holdings to 1.82 million ETH and 763,000 ETH, worth about $8.3 billion and $3.5 billion, respectively.
BlackRock, Fidelity, and Grayscale’s moves come as Ethereum ETFs continue to record strong inflows, now on a four-day streak of gains. Data from SoSoValue shows issuers brought in $307.2 million in their latest session on Aug. 27, pushing cumulative inflows over the past four days to $1.53 billion.
This wave of buying reverses the negative trend seen just over a week ago, when several issuers, including BlackRock, sold off large amounts of ETH. The renewed purchases now bring the funds’ assets under management to roughly $30.2 billion, about 5.4% of total supply.
Meanwhile, ETF issuers are not the only ones accumulating.
Institutional whales and corporate giants drive massive Ethereum ETF accumulation
Several whale wallets have been buying ETH in large quantities over the past few days. Data from on-chain trackers show millions worth of ETH purchased by various entities over the past few days, with one single wallet buying 641,508 $ETH, worth nearly $3 billion in just one week.
Corporate holders are not left behind. SharpLink, the second-largest publicly traded company holding ETH, recently bought another $24 million worth of the asset, while wallets suspected to belong to the current top holder BitMine have been spotlighted for making even bigger buys.
The combined wave of demand is translating into strong price action for price.
Ethereum price recovers to $4,571: technical analysis shows $5,000 target within reach
After several days of decline, ETH is regaining momentum. According to crypto.news market data, ETH is trading at $4,571 at the time of writing.
The token has posted a modest 0.67% loss over the past 24 hours but is now up 6% on the week. This recovery follows a bounce from the week’s low of $4,216, after dropping from last weekend’s brief rally above $4,950.
With whales and institutional players ramping up accumulation, expectations are high for further upside. Technically, ETH looks well-positioned for continued recovery. The asset is trading above its 20-day moving average near $4,468, keeping short-term momentum on the bullish side.
Key resistance is around $4,800, with support at $4,460 and further down at $3,900. The relative strength index (RSI) is at 57, showing there is still room for upside before ETH enters overbought territory.
With steady ETF inflows and whale accumulation, the ongoing rebound may not be over. If the current accumulation continues, ETH could be setting up for another test of the $4,800–$5,000 price range in the near term.
