BlackRock and Fidelity Make ETH Purchase Worth $500 Million in Two Days

BlackRock and Fidelity have been buying ETH in bulk, according to data platform Arkham Intelligence.

The two investment management giants bought a combined $500 million worth of Ethereum’s native token in two days, according to a Dec. 11 X post. It also revealed that both companies made most of the transactions through Coinbase.

BlackRock and Fidelity’s Ethereum exchange-traded funds (ETFs) received $868.6 million in inflows in the past week.

“Ethereum saw its largest weekly inflows on record of US$1.2bn, higher than the ETF launches in July,” Coinshares revealed in its latest report. “This has come at the expense of Solana which has seen US$14m outflows, marking its second consecutive week of outflows.”

BlackRock and Fidelity’s Ethereum ETFs contributed a combined $476.1 million to that number, according to The Block data.

BlackRock’s ETHA Ethereum ETF has $3.55 billion of assets under management (AUM), while Fidelity’s FETH Ethereum ETF has $1.56 billion of AUM.

Ethereum ETF Growth

Demand for Ethereum ETFs fell drastically following their launch in July, with the funds barely generating $250 million of inflows weekly. It was only until Nov. 11 that they started to get massive inflows, bringing in $938 million for the first time since July.

Since then, demand for the asset has increased steadily and is approaching its July levels, most likely due to growing investor confidence in crypto and a desire to diversify portfolios. It even beat Bitcoin in weekly inflows recently, as the OG cryptocurrency suffered a wave of sell-offs after hitting the psychological $100,000 barrier.