A new report reveals that BlackRock, the world’s largest asset manager and American multinational investment firm, is currently selling Bitcoin (BTC) to buy Ethereum (ETH). I did. Many market watchers have suggested that this unexpected investment shift could trigger a bullish rally in Ethereum and trigger a new altcoin season.
BlackRock releases Bitcoin for Ethereum
Blockchain analysis tool Lookonchain has revealed shocking new transactions carried out by asset management firm BlackRock. Lookonchain revealed on its official X (formerly Twitter) account that BlackRock recently sold 182 BTC worth $11.34 million.
During the same period, blockchain analysis tools recorded that BlackRock purchased 7,574 ETH tokens worth approximately $18.52 million. This surprising development signals a potential change in BlackRock’s investment strategy and signals a newfound fondness for Ethereum at the investment giant.
The decision by BlackRock, the world’s largest Bitcoin fund, to sell Bitcoin to Ethereum has shocked many crypto community members, sparking debate over the real reasons behind the asset manager’s investment decision. There is.
According to some market watchers, BlackRock’s move reflects clients’ digital asset preferences, as asset managers may sell Bitcoin and buy Ethereum based on client requests. That’s what it means. Other members of the crypto community see BlackRock’s investment move as a sign that Ethereum’s price may be gearing up for a significant rally.
If the price of Ethereum, the number one altcoin with the largest market capitalization, rises significantly, the long-awaited altcoin season could begin. Historically, Ethereum price increases pave the way for similar bullish gains for other altcoins in the market.
The market is already anticipating a significant altcoin season in this bullish cycle, and BlackRock’s unexpected investment move has fueled market speculation about a possible Ethereum price surge that could outperform Bitcoin. are.
At the time of writing, BlackRock’s holdings reveal a strong preference for Bitcoin in terms of value. Lookonchain data reveals that BlackRock holds approximately 369,640 BTC, worth $23.02 billion. In contrast, investment giant Ethereum holds 414,168 ETH, valued at approximately $1.01 billion, highlighting the clear difference in allocation between the two leading cryptocurrencies.
Analysts say altcoin season will begin soon
Many analysts in the cryptocurrency market are expressing optimism about the much-awaited altcoin season. A popular Bitcoin and crypto analyst known as ‘Moustache’ of This suggests that it may be on the verge of a rise.
Source: X
He revealed that this technical analysis pattern is known as an “inverse head and shoulders” and often indicates a possible transition from a downtrend to an uptrend. The analyst is optimistic that the current market downturn will soon be replaced by strong growth in the altcoin market, leading to a long period of price appreciation.
ETH price maintains support above $2,400 | Source: ETHUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
