Arkham data shows that funds bought one billion dollars in ETH today. The on-chain analytics platform revealed that BlackRock purchased $640 million in ETH, while Fidelity and Grayscale acquired $270 million and $80 million for their respective funds.
This coincides with the $1 billion inflows that Ethereum ETFs recorded on August 11, their best performance since their launch last year. As I reported, BlackRock's ETH ETF (ETHA) led the trend, with $640 million in inflows, its personal best since its launch.
Fidelity recorded an inflow of $276.90 million. It is noteworthy that all ETH funds, except Invesco, recorded net inflows. It should also be mentioned that these Ethereum ETFs have received over one billion dollars in net inflows since May.
This enormous buying pressure has led to a surge in the price of Ethereum, which continues to reach new annual highs. ETH surpassed $4,500 today and is now approaching its all-time high (ATH) of around $4,800.
In addition to Ethereum ETFs, other factors have driven this surge in ETH's price. This includes the report that BitMine, the treasury company of Ethereum, has expanded its stock offering to $24.5 billion for a major ETH treasury initiative. Tom Lee's company is currently the largest public holder of ETH, valued at over $5 billion.
Meanwhile, the U.S. CPI stood at 2.7%, below expectations, which raises hopes for an interest rate cut by the Fed in September. Rate cuts are usually more bullish for altcoins, as they increase risk appetite. ETH, being the largest altcoin, could benefit the most.
Arkham also revealed that two whales bought over $200 million in ETH, in addition to Ethereum ETFs. One of them acquired $137.8 million from FalconX, while the other acquired $82.9 million in ETH from Galaxy Digital OTC.
It is noteworthy that Ethereum's treasury company, SharpLink Gaming, also increased its holdings today. The on-chain analytics platform, Lookonchain, revealed that SharpLink purchased another 5,226 ETH ($23.1 million). The company now owns 604,026 ETH ($2.69 billion).
