- BlackRock makes back-to-back ETH accumulation worth millions.
- The latest ETH price dip allowed BlackRock to accumulate more ETH.
- The ETH accumulation race continues to grow despite ETH setting a new ATH.
With the price of Ethereum dipping once again to lower prices soon after setting a new ATH in the $4,900 price range, ETH treasuries like Bitmine Immersion and financial institutions like BlackRock, which have been aggressively accumulating ETH, have taken to buying more ETH amidst the dip. To highlight, BlackRock makes back-to-back ETH accumulation worth millions amid Ethereum’s latest price dip to the $4,300 and $4,400 price range.
BlackRock Makes Back-to-Back ETH Accumulation Worth Millions
The pioneer altcoin, Ethereum (ETH), has gained a lot of attention this bull cycle. While the last cycle saw predominantly BTC accumulation by entities, this bull cycle saw both BTC and ETH being accumulated by even more entities. For instance, last bull cycle, El Salvador and Strategy were the top BTC accumulators, but since BTC and ETH ETFs were approved this cycle, BTC and ETH accumulation increased significantly.
In detail, financial institutions like Fidelity, VanEck, and BlackRock have been increasingly accumulating both BTC and ETH this bull cycle. In fact, over the last few months, most entities have switched their accumulation strategies and have begun to hold more ETH in proportion to BTC, if not completely trading their BTC holdings to ETH holdings alone. Presently, the ETH Treasury company Bitmine Immersion is holding the largest chunk of BTC at the moment.
BlackRock Adds More ETH to Its Holdings
Over the last few weeks, the price of BTC finally broke past the $4,000 barrier and the $,100 resistance level to reclaim its $4,800 ATH set 4 years ago in the previous bull cycle. Just two days ago, the price of ETH set a new ATH in the $4,900 price level, before falling to the $4,400 price range, giving these entities a golden opportunity to scoop more Ethereum (ETH). As we can see from the post above, BlackRock bought $12,490,000 worth of ETH.
BlackRock didn’t stop there, as the post above depicts, the entity went on to buy 319,900,000 worth of Ethereum, showing that they are dedicatedly to buying the dip. Other entities like Bitmine Immersion are constantly buying more ETH to meet their goal of owning 5% of the total Etehreum supply. So far, it has accumulated over 1% of the supply and shows no signs of slowing down.
Similarly, BlackRock has shown no signs of slowing down, although this entity is motivated to accumulate more ETH to meet the growing demand of ETH ETFs. However, the fact that they are buying more BTC over ETH also shows that they understand how ETH could bring more gains for them in the long run, meaning ETFs are not their only motivators to accumulate the pioneer altcoin asset.
