BlackRock goes on an Ethereum buying spree.
The entity bought $500 million ETH in just 10 days.
ETH prepares to reclaim the $2,800 price target next.
Expectations for the price of the pioneer altcoin, Ethereum (ETH), price to pump, heats up as BlackRock goes on an Ethereum buying spree. The reputable financial entity has been accumulating ETH almost on a daily basis. In particular, BlackRock has accumulated $500,000,000 worth of ETH in just 10 days. The firm now holds an abundance of both ETH and Bitcoin (BTC) as well.
BlackRock Goes on Ethereum Buying Spree
The reputed firm known as the largest financial asset manager in the world, BlackRock, has become one of the leading entities accumulating promising cryptocurrencies this bull cycle. To highlight, BlackRock has followed Michael Saylors’ Strategy and El Salvador’s lead in accumulating a vast store of Bitcoin. However, unlike the other two that are accumulating BTC as a valuable resource and a legal tender, respectively, BlackRock is offering BTC ETF options and thereby increasing access for Bitcoin holding across the world.
While BlackRock began accumulating Bitcoin to offer BTC Spot ETF options, they did not stop there. Since the success of BTC ETFs, ETH Spot ETFs were also introduced as an offering. So far, both have been an undeniable success, and BlackRock seems to have taken this as a sign to accumulate both BTC and ETH. At this point in the ongoing crypto bull cycle, the price of BTC went on to pump and hit a string of new ATH prices.
https://twitter.com/arkham/status/1931391974663184639
Meanwhile, the price of ETH has yet to reclaim its previous ATH price at the $4,800 price level, let alone hit new ATH targets. Thus, BlackRock accumulating more and more ETH now seems to be a very bullish sign, indicating a massive price pump on the horizon for Ethereum price. While BlackRock has been steadily buying ETH alongside ETH whales, Arkham analytics reveals, in the post above, that BlackRock bought $500 million ETH in just 10 days.
ETH Inches Closer to Rally Towards $4,000 Target
This bodes very well for ETH pump expectations as well as for the highly anticipated arrival of the ongoing bull cycle’s altseason start and altseason peak phase. Many analysts expected an ETH price pump to act as the trigger to altseason starting. In fact, many still believe that ETH will lead the altseason phase and are patiently waiting for the pioneer altcoin to pump.
https://twitter.com/TedPillows/status/1931297585781743654
Meanwhile, Bitcoin Dominance also shows signs of falling, presenting another trigger that could shoot the price of ETH to hit new ATHs. As we can see from the post above, this reputed analyst reveals that ETH is trading towards reclaiming the $2,800 bull target and opening a bullish path towards a rally to the $4,000 bull target. Soon after, ETH is expected to set new ATH prices.
