According to a recent post by Nate Geraci, July appears to be the best month for BlackRock's Ethereum accumulation, but the world's largest asset manager currently boasts an ETH stash of over $11.4 billion.
Less than three weeks after reaching a massive 2 million milestone at the fast-growing Ethereum Holdings, Ishares Ethereum ETF has accumulated an additional 1,000,000 ETH since July 12th.
BlackRock has continued to be actively loaded into Ethereum despite recent market slump, with institutional demand for the second-largest cryptocurrency spiked by market capitalization.
BlackRock controls 2.5% of ETH supply
According to the post, Nate has designated Ethereum's total circular supply as ETH currently at around 121 million people. That's why Ishares Ethereum ETFs currently control about 2.5% of the total Ethereum circulation supply.
The company doesn't seem to tolerate its massive Ethereum accumulation anytime soon, but investors are closely watching how well ETH supply is absorbed.
The reasons behind BlackRock's commitment to stacking major altcoins remain uncertain, but Market Watchers observe that the company is the most aggressive about its ETH accumulation strategy in July. Over 60% of all ETH holders were purchased in July alone.
Nevertheless, this month, Ethereum surpassed its longtime $3,500 mark, driving demand for cryptocurrency for retail and institutional investors.
Apart from BlackRock, other spot ETH ETFs continue to record significant influxes, indicating an increase in institutional demand for Ethereum-based products.
While Ethereum has returned to a weakened zone with mixed-price behavior over the past few days, cryptocurrencies continue to gain a growing interest in the system, strengthening the network's long-term bullish outlook.
According to CoinmarketCap data, Ethereum has soared over 52% in July so far, trading at $3,800.94 at reporting time.
Institutions are not eager to consistently acquire tokens, but investors are optimistic that assets will continue to gather and reach a new history high.
