More than 3,900,000 ETH support the value of ETH ETFs in the US market.
Almost half of this amount is held by Blackrock, an ETF ETF station.
Ethher’s -listed in stock exchange funds (ETH), Ethereum’s native cryptocurrency, reached a new financial milestone.
For the first time, the volume of ETH in custody of the ETF issuing companies exceeded 3.9 million ETH.
More than 1.6 million ETH are in the hands of Blackrock, the world’s largest asset manager. While a step below appears Grayscale and Fidelity with 1.1 million ETH and 470,133 eth, respectively, according to Dune Analytics data.
This movement reflects the “institutional fever” that is currently for the cryptocurrency of the Ethereum Network. It should be remembered that ETFs are attractive to corporate investors because they prefer to operate with instruments regulated by states.
Proof of this is that yesterday, June 16, These financial instruments captured 21 million dollars. In this way, they have registered positive capital flows in 19 of the last 20 days.
Since its launch to the market, the ETFs of ETHER accumulate more than 3,880 million dollars.
As Cryptonotics explained, the good performance of ETF has a direct impact on ETH’s price. Due to their operation, the managing companies of these instruments must guard the underlying asset to support their actions.
That is, every time the demand for eth of eth increases, These firms must go to the market to buy more. By law of supply and demand, these acquisitions reduce the units available in the market, which generates a bullish impulse over its price.
