As a result of the latest acquisitions by BlackRock demonstrating a clear change in emphasis, institutional interest in Ethereum is growing. Ethereum has shown a notable preference over Bitcoin in the asset managers’ inflows, which have far surpassed Bitcoin.
The top inflow figures, according to Arkham Intelligence, indicate BlackRock bought $547 million worth of Ethereum and $497 million in Bitcoin—roughly five times more ETH than BTC. This data supports earlier reports that the firm favors ETH over BTC, a trend since the beginning of July.
Institutional Ethereum focus fuels strategic shift
Significantly, the new filing to enable staking in its iShares Ethereum ETF further strengthens BlackRock’s support for Ethereum. Nasdaq allegedly plans to permit staking of ETF assets by removing a provision that forbids it and replacing it with a new one.
The increasing trend of institutional ETH acquisition coincides with BlackRock’s purchase of Ethereum, which is rather interesting. As an example, ETH is being acquired at a rapid pace by public firms such as Bitmine Technologies and SharpLink Gaming.
It is worth mentioning that the growing optimism about the Ethereum token has significantly boosted the interest of institutions in ETH. The asset manager’s purchase of Ethereum occurs at the same time that the token is trading over $3,600, coinciding with the current rise.
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BlackRock Pushes Ethereum ETF Momentum with Massive ETHA Inflow
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