While July appears to be the best month for BlackRock’s Ethereum accumulation so far, the world’s largest asset manager now boasts an ETH stash worth over $11.4 billion, according to a recent post from Nate Geraci.
In less than three weeks after it achieved a massive 2 million milestone on its fast-growing Ethereum holdings, the iShares Ethereum ETF has accumulated an additional 1,000,000 ETH since July 12. Per ETH’s current price, the total ETH accumulated during the period is worth about $3.8 billion, marking a notable growth of about 50% in just 18 days.
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BlackRock has continued to aggressively load up on Ethereum despite recent market downturns, signaling surging institutional demand for the second-largest cryptocurrency by market capitalization.
BlackRock controls 2.5% of ETH’s supply
According to the post, Nate specified that Ethereum’s total circulating supply currently stands at around 121 million ETH. As such, the iShares Ethereum ETF now controls about 2.5% of the total Ethereum circulating supply.
While it appears that the firm is not relenting on its massive Ethereum accumulation anytime soon, investors are closely watching to see how much more of ETH’s supply it is willing to absorb.
Although the reason behind BlackRock’s commitment to stacking up on the leading altcoin remains uncertain, market watchers have observed that the firm was most aggressive about its ETH accumulation strategy in July. Over 60% of its total ETH holdings were purchased in July alone.
Nonetheless, the month has seen Ethereum surpass the long-anticipated $3,500 mark, driving demand for the cryptocurrency among retail and institutional investors.
Apart from BlackRock, other spot ETH ETFs have continued to record notable inflows, signaling rising institutional demand for Ethereum-based products.
Although Ethereum has returned to the bearish zone, showing mixed price actions over the past few days, the cryptocurrency has continued to garner increased institutional interest, bolstering the network’s long-term bullish outlook.
So far in July, Ethereum has surged by over 52%, and it is trading at $3,800.94 as of press time, according to data from CoinMarketCap.
While institutions have not relented in consistently acquiring the token, investors are optimistic that the asset will continue its rally and possibly hit a new all-time high soon.
