#BlackRockETHPurchase
In a surprising move that piqued the interest of the cryptocurrency market, BlackRock, the world's largest asset manager, sold a significant portion of its Bitcoin (BTC) holdings and replaced it with Ethereum (ETH). According to reports, BlackRock sold approximately 4,100 Bitcoins worth nearly $561 million and purchased around 27,700 Ethereums worth $69 million, indicating a strategic shift towards Ethereum.
Motives for the shift to Ethereum
This shift indicates increasing institutional interest in Ethereum, especially with the launch of Ethereum exchange-traded funds (ETFs) like BlackRock's iShares Ethereum Trust (ETHA), which saw net inflows of $77 million in one day, and its holdings reached 214,000 Ethereums since May 11.
Additionally, Vitalik Buterin, the founder of Ethereum, purchased 296.4 Ethereums worth $783,000, bolstering confidence in the digital currency.
