BlackRock - $ETH instead of $BTC ❗️

— The company sold 2,858 BTC for $310 million, the total purchase price was 30,649 ETH ($80 million).

— The various fund accounts for 659,592 BTC ($70 billion), and 1,436,090 ETH ($3.7 billion) 🐋 — A change in focus on Ethereum can signal the emergence of growth in the ETH ecosystem, for example, through the development of staking, Layer 2 solution, or Exchange of ETFs on ETH.

— It is possible that BlackRock hedges exposures, diluting exposure to BTC, and Ethereum may have wider exposure (DeFi, NFT, smart contracts).

— Such a redistribution of capital indicates the growing trust of the institution to ETH as asset No. 2. — At the time of sale, the average price of BTC was ~$108,000 (obviously, the profit after growth is recorded).

— ETH, by the way, bought “in a falling market” — BlackRock can have a lot of growth potential here.