BlackRock Ethereum ETF Hits New Milestone, $5000 ETH Price Soon?

Highlights

US Ethereum ETF inflows cross $1 billion for the first time since inception.
BlackRock's ETHA leads with highest-ever daily inflows of $292 million on Thursday.
ETH price is testing resistance at $3,928, for a potential breakout to new ATH.
Ethereum whale deposit to exchanges continue to build selling pressure.

The BlackRock Ethereum ETF (ETHA) has been single-handedly dominating inflows into the US Ether ETF market crossing more than $2.6 billion in net inflows since inception. On Thursday, ETHA reported the highest-ever daily inflows at $292 million pushing the net inflows to more than $428 million. The ETH price is flirting around $3,900 levels looking for a potential breakout to all-time high levels of $5,000 and above.

BlackRock Ethereum ETF Hits New Milestone

BlackRock’s iShares Ether ETF (ETHA), witnessed the highest daily inflows since its inception on Thursday at $292 million. Over the past week, ETHA has been single-handedly driving the total inflows with itself clocking $800 million in inflows during the past five trading sessions. As of now, the BlackRock Ethereum ETF holds 837.5K ETH, worth $3.27 billion, solidifying its position as a dominant player in the market.

Since its July launch, BlackRock iShares Ethereum ETF alone has attracted $2.6 billion in total inflows, per data from Farside Investors. The growing momentum highlights increasing investor interest in Ethereum-focused financial products.

Following yesterday’s numbers, the net inflows across all US Ether ETFs also crossed $1 billion for the first time, now at $1.3 billion. Nate Geraci, President of ETF Store, said that the ETFs have achieved this milestone despite facing significant obstacles such as restrictions on staking capabilities, $3.5 billion outflows from Grayscale’s ETHE, absence of options trading for Ether ETFs, etc.

Spot eth ETFs now w/ over $1.3bil net inflows since July launch…

Have done this despite:

1) Nearly $3.5bil outflows from ETHE

2) No staking allowed

3) No options trading

4) No in-kind creation/redemption

5) Very limited access to major wirehouses (plus Vanguard)

Not bad.

— Nate Geraci (@NateGeraci) December 6, 2024

ETH Price Rally to $5,000 Soon?

Despite 9% gains on the weekly chart, the Ethereum price is currently confronting a major resistance at $3928, crossing which it can set the eyes on $5,000. Renowned crypto analyst Venturefounder points out that ETH is approaching a breakout from a three-year-long triangle consolidation pattern.

According to the analyst, Ethereum could also exit a seven-year trading range, setting the stage for a rapid surge reminiscent of its explosive rally during the 2016-2017 period. This historical pattern saw ETH achieve unprecedented highs in a short time frame. As a result, Venturefounder predicts Ethereum could reach a new all-time high, targeting $15,937 by May 2025.

While BlackRock Ethereum ETF inflows surge, the selling pressure from Ethereum whales has continued amid the recent ETH price surge. As per blockchain analytics platform Spot on Chain, a giant Ethereum whale has deposited its remaining 60,079 ETH, worth approximately $234 million, to the crypto exchange Bitfinex after nearly six years of holding.

The whale originally withdrew 87,085 ETH from Bitfinex in January 2019 when Ethereum was trading at just $153, amounting to a value of $13.4 million. In 2020, the whale transferred 600 ETH to Tornado Cash for privacy purposes.

In a strategic move, the whale began redepositing ETH to Bitfinex in November 2023 and December 2024, totaling 86,484 ETH at an average price of $3,331.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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