BlackRock’s $300.9M ETH Bet Fuels Futures Surge as Ethereum Tops Bitcoin

Key Insights:

• BlackRock purchases $300.9M in ETH—its largest Ethereum investment to date
• ETH futures volume hits $62.1B, surpassing Bitcoin for the first time in months
• Whale wallets add 3.5M ETH since October, accelerating pre-rally accumulation pace

Ethereum is gaining momentum as institutional interest surges, with BlackRock leading a $300M+ buying spree. Rising futures volume and whale activity suggest a shift in market focus.

Ethereum Overtakes Bitcoin in Futures as Institutional Demand Surges

Ethereum surpassed Bitcoin in 24-hour futures volume, recording $62.1 billion versus Bitcoin’s $61.7 billion, according to Glassnode. This rare event often signals a shift in trader positioning ahead of ETH-specific catalysts. Open interest for ETH also surged, reaching $26 billion with 66.95% volume growth in the last 24 hours.

Simultaneously, ETH ETFs saw inflows of 138,000 ETH, valued at $383 million in one day, according to SoSoValue. This marks the second-largest daily inflow since the launch of Ethereum ETFs. 

In parallel, BlackRock executed a record $300.9 million ETH purchase, while a newly created wallet accumulated $199.6 million worth of ETH via Kraken transfers over a 48-hour span, indicating potential institutional coordination.

Futures data confirms bullish speculation is heating up. Pepe, SUI, and Dogwifhat are seeing strong derivatives activity, yet Ethereum remains the anchor. Despite a negative funding rate, Ethereum’s dominance in open interest and volume reflects growing leveraged exposure.

Whales Boost ETH Holdings as Price Nears Key $3K Resistance Level

On-chain whale data reveals addresses holding over 10,000 ETH increased their holdings by 9.3% since October 2024. This pace is nearly twice as fast as the pre-rally accumulation rate in mid-2022, when ETH doubled in price. Whale holdings rose from 37.56 million to 41.06 million ETH in that span, according to Glassnode.

Ethereum’s current price is around $2,977 and testing the $3,000 resistance level. Sentora notes that 4.1 million addresses are holding ETH between $3,000–$3,100, potentially creating short-term selling pressure. Still, the MACD and Ichimoku indicators on the weekly chart show bullish continuation potential as long as $2,550 holds as support.

Portfolio allocation data from CryptoGoos shows Ethereum makes up over 90% of observed holdings. ETH’s overwhelming preference among institutions and whales further supports the rotation narrative from Bitcoin.