According to Arkham’s observations, BlackRock purchased $750 million worth of ETH in June, following the strong performance of its Ethereum ETF. Let’s take a closer look at these figures.
BlackRock’s Ethereum ETF is riding a positive trend
Late Thursday afternoon, the on-chain analysis platform shared a particularly interesting infographic about BlackRock’s Ethereum spot ETF, ETHA, accompanied by the following observation:
BlackRock is buying ETH. BlackRock has purchased more than $750 million worth of ETH so far in June and has not sold ETH even ONCE. Will ETH finally catch up with BTC?
BlackRock’s movements on its Ethereum ETF (ETHA)
According to SosoValue data, while failing to beat its streak between July and November 2024, ETHA recorded 29 days of positive or zero net inflows between May 7 and May 18. It should be noted that these are trading days and not calendar days.
Over this period, these inflows totaled more than $1.12 billion, including $698 million in June. Regarding the slight discrepancy between SoSoValue’s data and Arkham’s, it should be noted that they do not actually compare the same parameters.
This is because, with SosoValue, we can see a difference of $52 million between inflows and outflows, which changes the ETF’s capitalization. As for the data shared by Arkham, these inflows correspond to actual ETH purchases made by BlackRock to support its ETF, and here it is therefore the amount of assets under management that changes.
That said, there may be temporary discrepancies between the amount of assets under management of an ETF and its market capitalization. At the time of writing, ETHA’s market capitalization stands at $4.05 billion and $4.04 billion, respectively. In a case like this, a difference of $52 million represents a deviation of approximately 1.25%.
During Friday’s trading session, BlackRock’s ETH Ethereum recorded $19.71 million in net outflows, ending its June streak. If this trend continues next week, we could then expect the asset manager to pass on this decline, also ending the streak highlighted by Arkham.
Despite ETHA’s impressive performance, it remains 17.39 times less capitalized than its Bitcoin equivalent, IBIT. The latter is capitalized at $70.27 billion after Friday’s session.
Meanwhile, ETH is trading at $2,420, down 3.4% over 24 hours. After its impressive surge between the end of April and mid-May, the asset is now struggling to regain momentum, mirroring the rest of the crypto market, which seems to be stuck in a kind of wait-and-see mode.
