The post BlackRock Surpasses Ethereum Foundation in ETH Holdings as Inflows Approach $1B Mark appeared on BitcoinEthereumNews.com.

BlackRock has now surpassed the Ethereum Foundation in terms of Ethereum [ETH] holdings, reinforcing its influential position in the market. The firm’s ETHA product is approaching a significant milestone, with net inflows poised to hit the $1 billion mark soon. Ryan Lee, Chief Analyst at Bitget Research, posits that the current low ETH gas fees could indicate a price bottom, suggesting a potential mid-term rebound. BlackRock’s dominance in the ETH market signals promising mid-term prospects for the cryptocurrency, with major inflows and strategic positioning. BlackRock Surpasses Ethereum Foundation in ETH Holdings In a notable development, BlackRock has exceeded the Ethereum Foundation regarding Ethereum [ETH] holdings. The firm now holds 318,000 ETH, surpassing the Foundation’s 308,000 coins. This milestone exemplifies BlackRock’s formidable presence in the Ethereum ETF space, mirroring its performance in U.S spot Bitcoin ETFs. Approaching the $1 Billion Net Inflows Benchmark BlackRock’s ETHA product is nearing a landmark achievement with net inflows expected to cross the $1 billion threshold. As of August 16, the product had amassed $977 million in net flows, significantly outperforming other products in the market. This rapid influx, occurring in under a month, highlights investor confidence and the firm’s strategic market moves. Potential Price Movements and Market Sentiments The net inflows into ETH ETFs at the start of the week have been interpreted as a positive catalyst for Ethereum’s price by Coinbase analysts. However, the recent reduction in ETH gas fees, which have dropped to a five-year low, indicates subdued network activity and could present challenges for price recovery. Analyst Insights: Mid-Term Rebound Possibilities Ryan Lee, Chief Analyst at Bitget Research, suggests that the low ETH gas fees could signal a price bottom in the mid-term. Historically, ETH prices have rebounded robustly following such cycles of low gas fees. Lee also mentions that a potential…

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Filed under: News - @ August 17, 2024 10:06 pm