BlackRock Buys $250 Million of Ethereum Despite Price Correction

Renowned asset management firm BlackRock has continued to dominate both the Bitcoin and Ethereum ETF market, attracting large amounts of capital in the ecosystem.

While Ethereum has been trading sideways, showing mixed price action over the past weeks, onchain data from Arkham Intelligence shows that BlackRock has managed to attract decent capital into the market over the past month.

BlackRock buys Ethereum's dip

According to the data, BlackRock's Ethereum ETF (ETHA) bought about $13.9 million worth of $ETH during its latest trading session, bringing the fund's total Ethereum purchases over the past 20 trading days to $251.4 million.

While momentum across the broader Ethereum ETF market has been relatively weak amid persisting market uncertainty, BlackRock has managed to sustain institutional demand for the leading crypto asset.

Following this strong performance from the BlackRock Ethereum ETF, ETHA has recorded no outflows during the 20-day period. This means that the fund has maintained a 20-day inflow streak despite unstable price movements.

BlackRock maintains dominance

Unlike BlackRock, the downside pressure seen across the crypto market has affected the performance of other Ethereum funds, as they recorded multiple withdrawals during the period.

With BlackRock outperforming its peers in the Ethereum ETF ecosystem, data shows that other major Ethereum ETFs, including BlackRock's sister fund ETHA and Fidelity's FETH, recorded notable outflows during the period.

It appears that institutions are showing more confidence in the BlackRock investment product than in other funds, as ETHA continued to attract capital while some funds experienced withdrawals amid the market correction.