BlackRock and Fidelity ETFs Snap Up $500 Million in ETH Over Two Days

Exchange-traded funds (ETFs) under financial giants BlackRock and Fidelity have collectively purchased $500 million worth of Ethereum (ETH) over the past two days, according to crypto data platform Arkham. 

BlackRock and Fidelity are two of the largest and most influential financial institutions in the world, each playing a significant role in global investment management and financial services.

The bulk of these purchases were made through Coinbase or its institution-focused services platform, Prime. BlackRock’s ETHA and Fidelity’s FETH ETFs are among the top Ethereum ETFs, with substantial trading volumes recorded on December 10. BlackRock’s ETHA saw $372.4 million in trading volume, while Fidelity’s FETH brought in $103.7 million. 

This move follows the U.S. Securities and Exchange Commission’s approval of several spot Ethereum ETFs, including those from BlackRock and Fidelity, earlier this year. The surge in institutional investment coincides with Ethereum’s recent price rally, which reached $3,830 per token on December 11, further signaling strong institutional confidence in the cryptocurrency.