As a seasoned researcher with a deep understanding of the digital asset space, I have witnessed the meteoric rise of institutional interest in cryptocurrencies, particularly Ethereum (ETH). The recent move by BlackRock to amass substantial holdings of ETH through its spot ETF product is yet another testament to this trend.
BlackRock, a massive investment firm with multitrillion-dollar assets under management, has shown its substantial interest in Ethereum (ETH) via its newly launched spot ETF product. Within two days of the iShares Ethereum Trust ETF (ETHA) becoming available, data from Lookonchain revealed that it had acquired approximately 77,000 ETH, equivalent to around $277 million.
Following Bitcoin playbook
BlackRock’s renewed involvement in this space emerged just a few short years ago. Today, the financial titan is recognized as a leading player in the Bitcoin and Ethereum ETF market. With more assets under management in these cryptocurrencies than its major competitors, BlackRock stands out as the most successful issuer of Bitcoin ETFs to date.
At present, the iShares Bitcoin Trust (IBIT) holds approximately 337,035.76700 units of Bitcoin. This is over 100,000 BTC more than MicroStrategy Incorporated’s current holdings as of now.
According to Lookonchain’s observation, Coinbase Prime transferred a total of 76,669 Ethereum, equivalent to approximately $262.4 million, to BlackRock in the recent past.
Seven thousand six hundred sixty-nine dollars worth of Ethereum, equivalent to approximately two hundred sixty-two point four million dollars, was transferred into the Ethereum ETF wallet of iShares by Coinbase Prime ten hours ago, as stated on their platform. Meanwhile, BlackRock’s website indicates that they currently possess seventy-nine thousand six hundred ninety-nine dollars of Ethereum, which equates to roughly two hundred seventy-seven million dollars.
— Lookonchain (@lookonchain) July 25, 2024
Following this receipt, the BlackRock Ethereum ETF page shows the firm now holds over 84,850.
Based on its current rate of accumulation, BlackRock could soon rank among the top Ethereum stakeholders within the Web3 community.
BlackRock impact
BlackRock recently reached a market value of $10 trillion, an impressive achievement that came with modest attention given to the potential Bitcoin ETF. With a large and thriving clientele, this financial giant could significantly impact Ethereum’s growth.
Although the Ethereum ETF has generated significant buzz since its inception, causing a stir in the market, the price of Ethereum itself has remained relatively unaffected during this period. Notably, there have been substantial liquidations occurring in the market, yet Ethereum’s value currently hovers around $3,176.88, representing an 8.4% decrease over the past day.
In contrast to the current downtrend in Ethereum’s price, BlackRock is poised to significantly contribute to its rebound and future expansion through extensive purchases.
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2024-07-25 16:57