On June 5th, BlackRock added 2,704 Bitcoin (BTC) and 28,239 Ethereum (ETH) to its portfolio.
The investment giant’s latest acquisition totals $357 million, boosting its assets under management to $11.5 trillion and further solidifying its position in the digital asset market.
BlackRock’s recent purchase is somewhat atypical when compared to broader market trends.
Major BTC holders seem to be cashing in on their profits, a common occurrence during periods of price consolidation after a significant rally.
This suggests that Bitcoin whales are preparing for potential near-term market corrections.
In contrast, Ethereum whale activity appears to be in line with institutional accumulation patterns, with significant ETH accumulation at comparable price points.
This trend coincides with growing institutional interest in Ethereum, particularly in light of the upcoming launch of spot Ethereum ETFs.
While retail investor sentiment has dipped slightly in recent weeks, BlackRock’s new investments could help prop up the market, especially for Ethereum.
As interest from Bitcoin whales wanes, Ethereum is emerging as the favored asset among institutions.
The behavior of large Ethereum holders suggests a positive long-term outlook, potentially driven by optimism about Ethereum’s prospects, given the upcoming ETF launches and ongoing network enhancements.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.