#机构疯抢以太坊 ETF holds 5.87 million ETH (worth 21.6 billion), accounting for 7.13% of the total circulating supply of ETH.

Major moves: BlackRock's spot Ethereum ETF (ETHA) holds over 3 million ETH (2.46% of circulating supply), with a weekly increase of $1.2 billion; company treasuries from BitMine, SharpLink, and others hold 625,000 and 438,000 ETH respectively.

Growth rate matches price: The growth rate of institutional holdings closely aligns with the ETH price curve, with this bull market primarily driven by institutional funds.

ETF funds pouring in

The US spot Ethereum ETF recorded a single-day net inflow of 1 billion, setting a historical record, with a cumulative net inflow exceeding 10 billion, reaching over 9.8 billion (as of August 8).

BlackRock's ETHA, Fidelity's FETH, and other leading ETFs continue to attract capital, with a net inflow of $461 million on August 8 alone.

🔍 II. Core motivations for institutional buying

Regulatory and compliance breakthroughs

ETH has been clearly defined as a "commodity asset" (not a security), clearing the barriers for institutional entry;

The SEC has approved the classification of liquid staking tokens as non-securities, promoting the legalization of staking yields.

Unique value of Ethereum

Yield-bearing asset attributes: Staking annual yield of 2.1%-4%, allowing institutions to obtain stable cash flow through staking (e.g., SharpLink stakes all holdings);

Ecological dominance: Holds 57% of the DeFi market, 54% of stablecoins, and 55% of RWA (real-world assets) tokenization share;

Deflationary model: After the EIP-1559 upgrade, the annual burn rate is 1.2%-2.4%, leading to a long-term supply decrease, making it scarcer than Bitcoin.

Valuation and growth potential

The cost of institutional holdings is concentrated in the range of 3000-3500, with the current price of $4300 still considered as the "undervalued range";

Strong bullish expectations in the market: The options market is betting on a December strike price of 6000, with analysts' target prices reaching between 10,000 and 16,000.