ETH recently showed its record-breaking price surge, the world’s second-largest cryptocurrency is dominating the ETF arena and attracting deep-pocketed institutions like Blackrock etc. The latest signal came from BlackRock, which added nearly $350 million worth of ETH in recent transactions.

The world’s top asset manager used ETF-linked wallets to scoop up Ethereum in tranches, with several 10,000 ETH transfers (worth around $46 million each) coming from Coinbase Prime hot wallets.

Moreover, Ethereum has secured its dominance through Layer-2 scaling solutions and its role as the settlement layer of the ecosystem. Also, the industry is evolving into a multi-chain landscape where Ethereum remains the foundation while specialized chains thrive in parallel.

Collectively, these firms now hold over 3.7 million ETH, nearly 3% of the total supply. And as the Sept FOMC is near, with a chance of over 80% for a 25 bps interest rate cut, it seems the demand of ETH in retail and institutional investors is bond to grow further in the near time.

As of now, at the time of writing this article, ETH is being trade around $4,650 and has seen a growth of over 2.48% in its price over the past 24 hours and stands at a market capitalization of $559.6 Billion.