Ethereum ETFs Buy $1 Billion in ETH as Price Nears ATH

The Ethereum ETFs are adding massive buying pressure as they continue to accumulate ETH at an unprecedented pace. Their latest accumulation spree comes as the largest altcoin by market cap nears its current all-time high (ATH) around $4,800.

Ethereum ETFs Buy $1 Billion Worth of ETH

Arkham data shows that the funds bought $1 billion in ETH today. The on-chain analytics platform revealed that BlackRock bought $640 million of ETH while Fidelity and Grayscale bought $270 million and $80 million for their respective funds.

This coincides with the $1 billion inflows that the Ethereum ETFs recorded on August 11, their best outing since launch last year. As CoinGape reported, BlackRock’s ETH ETF (ETHA) led the charge, with $640 million in inflows, a personal best for the fund since launch.

Fidelity saw an inflow of $276.90 million. Notably, all the ETH funds besides Invesco recorded net inflows. It is also worth mentioning that these Ethereum ETFs have taken in over $ billion in net inflows since May.

This massive buying pressure has sparked a resurgence in the Ethereum price, which continues to reach new yearly highs. ETH broke above $4,500 today and is now looking to reach its ATH of around $4,800.

Besides the Ethereum ETFs, other factors have sparked this rally for the ETH price. This includes the report that Ethereum treasury company BitMine has expanded its stock offering to $24.5 billion for a massive ETH treasury push. Tom Lee’s company is currently the largest public ETH holder, with its holdings worth over $5 billion.

Meanwhile, the U.S. CPI data came in at 2.7%, below expectations, boosting hopes of a September Fed rate cut. Rate cuts are usually more bullish for altcoins since they increase risk-on sentiment. ETH, as the largest altcoin, could benefit the most.

ETH Whales Are Massively Accumulating

Arkham also revealed that two whales bought over $200 million of ETH in addition to the Ethereum ETFs. One of the whales acquired $137.8 million from FalconX while the other acquired $82.9 million of ETH from Galaxy Digital OTC.

Notably, Ethereum treasury company SharpLink Gaming also increased its holdings today. Onchain analytics platform Lookonchain revealed that SharpLink bought another 5,226 ETH ($23.1 million). The company now holds 604,026 ETH ($2.69 billion).

As CoinGape reported, SharpLink recently raised $200 million through a sales agreement to buy more ETH. The company also confirmed yesterday that it raised $900 million in total over the past week. It intends to use this capital to advance its Ethereum strategy.