BlackRock and Fidelity, two major financial firms, have purchased over $500 million worth of Ethereum (ETH) through their exchange-traded funds (ETFs) in the past 48 hours, as revealed by Arkham Intelligence. The transactions were primarily conducted via Coinbase Prime, a platform for institutional crypto trading.

Ethereum traded at $3,830 as of Dec 11, with a 5.1% price increase over 24 hours and $39.3 billion in trading volume. These purchases follow the U.S. Securities and Exchange Commission’s (SEC) May approval of eight spot Ethereum ETFs, a decision that has since driven significant institutional activity.

BlackRock's iShares Ethereum Trust ETF (ETHA) recorded total inflows of $2.93 billion, making it the largest issuer of Ethereum ETFs. Fidelity’s Ethereum Fund (FETH) follows closely, with $1.35 billion in inflows. Dec. 10 saw the largest single-day activity, with ETHA and FETH bringing in $372.4 million and $103.7 million in trading volumes, respectively.

The recent acquisitions mark the eighth consecutive day of positive inflows for these ETFs. Arkham Intelligence highlighted the magnitude of the purchases in a social media post, noting, “PAST 48 HOURS: BLACKROCK AND FIDELITY BOUGHT OVER HALF A BILLION USD OF ETH.”

In addition to their recent transactions, BlackRock is seeking regulatory approval to launch spot trading options for its Ether ETFs. ETHA, currently the only Ethereum ETF listed on the Nasdaq exchange, would require further clearance from the SEC, the Commodity Futures Trading Commission (CFTC), and the Options Clearing Corporation (OCC). The SEC’s decision on this matter is expected by April 2025.

Fidelity and BlackRock have consistently expanded their cryptocurrency portfolios since entering the Ethereum ETF market. These developments reflect a growing trend of institutional participation in the crypto sector, particularly after spot ETF approvals earlier this year. Both firms’ actions underscore the increasing integration of digital assets into mainstream financial systems.

Ethereum’s price momentum and trading activity align with these large-scale acquisitions, suggesting heightened market interest and growing investor confidence.