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Key Highlights
- Galaxy Digital transferred 108K ETH to a whale wallet after withdrawing $233M worth of ETH from exchanges.
- BlackRock’s iShares Ethereum Trust added 19,069 ETH, pushing its total ETH holdings beyond 1.43 million.
- Ethereum ETFs saw net inflows of $109.5M, signaling a shift in investor focus from Bitcoin to Ethereum.
Ethereum draws heavy institutional attention as Galaxy Digital and BlackRock engage in large-scale accumulation. Galaxy quietly transferred 137K ETH via OTC.
BlackRock’s Ethereum ETF also passed the $4 billion mark in holdings, further cementing Ethereum’s place in institutional portfolios.
Galaxy Digital Quietly Accumulates Over 137K ETH Through OTC
A significant Ethereum transaction was executed by Galaxy Digital, withdrawing 89,000 ETH ($233.5 Million) from various exchanges.
Then, 108,278 ETH ($283 Million) was transferred to wallet 0x0b26 soon after. Now that the wallet holds 139,476 ETH, suggesting a large strategic accumulation.
On-chain activity shows no outflows from the receiving wallet, indicating a long-term holding strategy.
Such OTC deals are usually made for funds or whales looking to position ahead of a broader market move. Such rapid accumulation in the receiving wallet strengthens the bullish ETH thesis.
BlackRock’s Ethereum ETF Tops $4 Billion in Holdings
On June 3, BlackRock’s iShares Ethereum Trust saw 29,580 ETH ($77.1 Million) added. It received 19,069 ETH the day before and over 48,000 ETH in two days. That pushed the fund’s total holdings to more than 1.43 million ETH, worth more than $4 Billion.
BlackRock is now the largest institutional ETH holder among ETF issuers. According to Lookonchain data, BlackRock and Fidelity led the 30,649 ETH inflows into the Ethereum ETF on June 2. Smaller issuers posted minimal or no changes, but Fidelity added 11,653 ETH.
ETH ETFs saw $370.63 Million ($141,138 ETH) in inflows over the past week. On the other hand, Bitcoin ETFs saw a net outflow of 5,095 BTC, around $537 Million. The contrast here implies that institutions are accelerating the rotation of capital into Ethereum.
BlackRock’s action follows the broader institutional move towards ETH-based products. ETF inflows support the price by reducing the circulating supply, not only reflecting demand.
Leading funds have been buying ETH consistently, which suggests that ETH adoption as a portfolio asset is growing. Increasingly, ETF data reflects changing institutional sentiment. Bitcoin still dominates in market cap.
However, Ethereum’s programmable asset appeal is growing. This evolving preference is underlined by strong inflows while Bitcoin outflows.
Ethereum Price Stabilizes as On-Chain and ETF Trends Align
Ethereum traded at $2,630 at press time, up 1.07% on the day after rebounding from a $2,582 low. While the token is still down 46% from its all-time high of $4,891, its structure suggests a change. Recent ETF and whale activity support the price action, which follows an accumulation pattern.
According to Caesar, the current price behaviour can be explained by the Wyckoff reaccumulation model. The Spring phase of ETH appears to be over, and it looks like it’s moving into a markup phase.
The analyst expects the price to move to $3,750 and higher if the price breaks resistance at $3,200. Bitcoin dominance, meanwhile, has looked like it is topping out, with bearish divergence on weekly RSI, currently around 64.1%.
Historically, this is a precursor to altcoin outperformance. A capital shift will benefit ETH the most, as it has seen strong ETF flows and large-scale accumulation.
Ethereum is in an accumulation zone, and chart patterns suggest that it is forming higher lows, which is often a bullish indicator. The cryptocurrency may be entering a new upward trend, with steady ETF inflows and weakening Bitcoin dominance.
Galaxy Digital and BlackRock are increasing their ETH exposure, and ETF data suggests demand is there for Ethereum. These big moves from big players could be a vote of confidence in the token, leading to further price appreciation.
