BlackRock Dominates $1.42B Ethereum ETF Buying Spree

Over the past nine days, Ethereum ETFs have seen $1.42 billion in net inflows, with BlackRock's ETHA fund accounting for a whopping 72% of that total, or $1.02 billion.

The buying streak started on August 17 and has been consistent, with every session since then registering positive net flows, except for one day when there were no net outflows at all.

BlackRock's dominance in the Ethereum ETF market is not a coincidence; its iShares platform serves over 30,000 registered investment advisors in the United States and has model portfolio penetration that other issuers do not match.

The buying is attributed to a rise in cross-asset risk appetite, driven by macroeconomic factors such as the U.S. Treasury's announcement of increased bond buyback operations starting September 9.

Despite the significant inflows, Ethereum's price has only moved around 5% over the same period, raising questions about whether flows alone can sustain price momentum.