BlackRock Buys Ethereum For 12th Consecutive Day As ETF Inflows Surge

Ethereum’s (ETH) institutional adoption continues to gain momentum as BlackRock’s Ethereum ETF recorded its 12th consecutive day of inflows. As of June 5, the total inflows for the Ethereum ETFs saw significant growth.

BlackRock’s iShares Ethereum Trust alone added 27,846 ETH, bringing the fund’s holdings to more than 1.4 million ETH, worth approximately $3.93 billion. This trend shows the rising institutional interest in Ethereum as a valuable digital asset.

Blackrock Continues Ethereum Buying Spree

Institutional investors continue to show increasing interest in Ethereum through exchange-traded funds (ETFs). In the past two weeks, there have been large inflows into Ethereum ETFs with BlackRock’s iShares Ethereum Trust in the lead. On 5 June, the ETF has collected inflow of 27,846 ETH worth $73.21 million. At present, the fund currently holds 1.49 million ETH, worth $3.93 billion.

The bulk of these increasing inflows is due to BlackRock’s Ethereum ETF. Lookonchain’s data revealed that on June 4 the iShares Ethereum Trust attracted 29,360 ETH inflows. This helped to push the overall total of ETH added to the fund over the last few days to be more than $150 million. These steady inflows imply institutional investors are bullish on Ethereum’s prospects going forward.

However, other major firms such as Fidelity, are also helping to fuel the surge in Ethereum ETF inflows. On June 2 BlackRock and Fidelity purchased a combined $78 million worth of Ethereum through their ETFs.

Ethereum Market Performance and Outlook

Crypto analyst Lark Davis has noted that Ethereum’s on-chain metrics and market performance are signaling a potential breakout for ETH in the near term. Davis pointed out that Ethereum has been outperforming Bitcoin (BTC) in Q2, and recent protocol upgrades, such as the Pectra upgrade, have improved scalability and reduced Ethereum’s inflation rate.

Additionally, institutional interest in Ethereum continues to rise, with significant inflows into Ethereum ETFs and exchange balances at seven-year lows.

This suggests that larger investors are accumulating ETH for the long term. However, Davis also mentioned that while these factors are positive, market bettors on Polymarket are not fully convinced, with only a 27% chance that ETH will reach a new all-time high in 2025.

Ethereum Price Breakout Pattern in Play

Ethereum price is currently forming a technical pattern that could signal significant price movement soon. The cryptocurrency is locked inside a textbook “Right-Angled Descending Broadening Wedge,” a rare and powerful pattern that has historically led to explosive breakouts according to crypto analyst Bitcoinsensus. As of now, Ethereum is trading at $2,572, a 2% decline from its 24-hour high, but the technical pattern suggests the potential for stronger movements ahead.

According to the analyst, the Ethereum price recently bounced off the lower trendline of this wedge and is now in the process of retesting the upper horizontal resistance. This resistance has acted like a magnet, rejecting the price three times, each time building more pressure beneath it.

Consequently according to the analysts, if Ethereum price successfully breaks through the $3,900 resistance level and flips it into support, the upside potential could be significant, with some analysts speculating that ETH could reach targets above $5,000 despite polymarket dropping odds of hitting an ATH in 2025.