BlackRock’s institutional clients invested $38.15 million in Ethereum on July 20, routing their exposure through the iShares Ethereum Trust (ETHA) rather than buying the token directly. The bulk of the capital, approximately $34.3 million, went to ETHA, while Fidelity’s FETH attracted an additional $2.8 million. In total, US spot Ethereum ETFs posted approximately $38 million in net inflows for the session. The preference for ETF wrappers over direct token purchases reflects the compliance, custody, and fiduciary requirements that institutional investors must meet. The concentration of flows in a single product suggests coordinated or large-block institutional buying rather than scattered retail interest.
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