Arkham Intelligence dataBlackRock is selling Bitcoin (BTC), in order to acquire more Ethereum (ETH). BlackRock may have made this move because it expected further volatility in the market. BTC has seen a slight correction in the price over the past few weeks. ETH appears to have made some small gains.
Bitcoin Falls As Ethereum Gains During BlackRock Shutdown
BTC surpassed its all-time record of $111-814 on 22 May. BTC’s rise triggered a rally across the market. BTC’s surge in price led to increased investment into many crypto assets. It is possible that the rally occurred due to increased institutional investments. BlackRock bought more than 3 billion dollars worth of BTC alone in May.
BTC’s price has remained unchanged in the past 24 hours. Assets are down by 3.2% for the past week and 1% over 14-day charts. In spite of the current downtrend, original crypto has risen by 11,9% over the last month on charts. It is also up 52.7% in total since June 2024.
Ethereum (ETH), however, is currently performing better than BTC. Second-largest cryptocurrency by market cap, ETH, is now up 45.8% in comparison to the prior month. ETH price is still a bright red color on weekly and yearly timeframes, dropping 0.8%, and respectively 30.1%.
ETH started to rise in May, shortly after Pectra’s update. This upgrade could have caused a surge in investor confidence. ETH recorded double-digit percent growth on the daily charts. BlackRock may have anticipated that ETH will rise in price over the next few weeks.
Please Read This: BlackRock Sees Bitcoin Demand Spike on Market Uncertainty
BlackRock’s purchase could also be due a surge in customer demand. Last year, the SEC approved spot ETH-based ETFs. This did not produce the same impact as BTC-based ETFs. Bitcoin (BTC), after SEC ETF approval, hit several all-time records. ETH on the other has had a hard time breaking the $3000 threshold.
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Source: watcher.guru
