While Ethereum (ETH) has once again failed to break through the stubborn $4,000 resistance level, BlackRock’s iShares Ethereum Trust ETF has quietly accumulated over one million ETH. This milestone reflects strong institutional demand for Ethereum, even as its price performance in 2024 remains lackluster.

Institutional Interest In Ethereum On The Rise

Year-to-date (YTD), Ethereum – the second-largest cryptocurrency by market cap – has risen by 43%, climbing from approximately $2,280 on January 1 to $3,283 at the time of writing. While this is notable, ETH’s performance has been overshadowed by other cryptocurrencies like XRP, Solana (SOL), and SUI, which have posted significantly higher gains in the same period.

However, Ethereum holds a key advantage over most altcoins – direct access to institutional investors through regulated ETFs, akin to Bitcoin’s position in the market. In a recent post on X, crypto entrepreneur Dan Gambardello highlighted that BlackRock’s Ethereum ETF has now surpassed one million ETH in holdings.

Gambardello noted that ETH’s consolidation below its all-time high (ATH), combined with growing institutional interest, sets the stage for a potential altcoin season “unlike any we’ve ever seen.” Recent ETH ETF inflow data appears to support this outlook.

According to data from SoSoValue, US spot ETH ETFs have had four continuous weeks of net inflows, attracting more than $2 billion in capital. The total net assets held across all US spot ETH ETFs stand at $12.15 billion, equivalent to almost 3% of Ethereum’s total market cap.

Crypto analysts remain optimistic that Et

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Author: Ash Tiwari