Ethereum

bullish

BlackRock

LookOnchain revealed that BlackRock sold 182 Bitcoin worth $11.34 million. The analytics firm added that the hedge fund currently holds over 369,640 BTC. 
They also highlighted that BlackRock bought 7,574 Ethereum and currently holds 414,168 Ethereum worth $1.01 billion.
LookOnchain announced that BlackRock sold Bitcoin worth $11.34 million and bought Ethereum worth $18.52 million. The blockchain analytics firm also stated that BlackRock holds 369,640 BTC, which is currently valued at over $23 Billion.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BlackRock sold <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> and bought <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>!
 BlackRock sold 182 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a>($11.34M) and currently holds 369,640 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a>($23.02B).<a href="https://t.co/kqNUqHBiTn" rel="noopener noreferrer nofollow" target="_blank">https://t.co/kqNUqHBiTn</a>
 BlackRock bought 7,574 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($18.52M) and currently holds 414,168 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($1.01B).<a href="https://t.co/sefS6WTlHz" rel="noopener noreferrer nofollow" target="_blank">https://t.co/sefS6WTlHz</a> <a href="https://t.co/ljZW1Nn1xc" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/ljZW1Nn1xc</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1844779314522603820?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h3 id="span-style-font-weight-400-blackrock-buys-significant-amount-of-ethereum-and-sells-btc-span">BlackRock buys significant amount of Ethereum and sells BTC&nbsp;</h3>
The Hedge fund’s recent purchase of ETH instead of Bitcoin fueled speculation within the crypto market. Market analysts suggested the purchase may indicate that investors are more bullish on Ethereum than Bitcoin.&nbsp;
The Bitcoin sale came weeks after BlackRock bought more BTC than any other crypto ETF issuer. Blackrock reportedly purchased BTC, equivalent to over $388 million, in four days.&nbsp;
Arkham intelligence suggested that the purchases were made for IBIT spot ETF. The crypto community expressed sentiments that the hedge fund’s purchases mirror BTC and ETH demand on the market.
Others <a href="https://x.com/travellereleven/status/1844783614635954292" rel="noopener noreferrer nofollow" target="_blank">believed that</a> BlackRock, being a hedge fund, purchases cryptocurrencies based on customers’ requests. They added that this does not reflect the company’s bearish or bullish sentiments.&nbsp;
BlackRock’s head of digital assets, Robbie Mitchnick, highlighted that Bitcoin was not a risky gamble for them. He added that Bitcoin is a scarce, global, and decentralized asset with no country risk or traditional counterparty risk.
<blockquote>
 ‘No single country or government controls Bitcoin and it’s scarce and decentralized.’
 <a href="https://www.blackrock.com/us/financial-professionals/insights/bitcoin-unique-diversifier" rel="noopener noreferrer nofollow" target="_blank">Robbie Michnick</a>
</blockquote>
In the report, the head of digital assets also revealed that many investors perceive BTC as digital gold that can hold value during financially harsh periods. However, Michnick pointed out that institutional investors share different sentiments on Ether as its infrastructure is a little less clear, unlike BTC
<h3 id="span-style-font-weight-400-btc-and-eth-values-surge-after-the-launch-of-spot-etfs-span">BTC and ETH values surge after the launch of spot ETFs</h3>
BlackRock expressed its views on BTC, adding that the cryptocurrency could be a safe haven in times of uncertainty. However, the hedge fund also admitted that digital currency poses some risks.
The U.S. Security Exchange Commission approved the listing of BlackRock’s BTC ETF earlier this year on NASDAQ. The hedge fund later introduced its <a href="https://www.blackrock.com/us/individual/products/337614/ishares-ethereum-trust-etf" rel="noopener noreferrer nofollow" target="_blank">spot ETH ETF</a> and accumulated approximately $1 billion in assets under management in less than a month after its launch.&nbsp;
Consequently, BTC has experienced a 49% surge this year. ETH, on the other hand, experienced a 15% increase. The rise is reportedly due to investors’ newly found interest in cryptocurrencies as they diversify their portfolios.&nbsp;
<a href="https://coincodex.com/crypto/bitcoin/price-prediction/" target="_blank" rel="noopener noreferrer nofollow">CoinCodex</a> analysis suggested that BTC will likely trend upward this month. The analytics firm predicted that the cryptocurrency could break the $85,000 mark by October 16, 2024.&nbsp;

BlackRock sold BTC and bought ETH; what does this mean for the markets?

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