According to data shared by Arkham Intelligence, BlackRock continues to buy more Ethereum than Bitcoin. In a post on X, Arkham Intelligence revealed that the investment giant has purchased ETH worth 547 million dollars. At the same time, the firm's investment in Bitcoin amounts to 497 million dollars, 50 million dollars less than its holdings of ETH.
It is worth noting that this data suggests that BlackRock's purchases of Ethereum are five times greater than those of Bitcoin. The X post stated:
BlackRock's purchase of over 500 million dollars in ETH (547 million dollars) exceeded its Bitcoin entry (497 million dollars) by 50 million dollars. Weighted by market capitalization, BlackRock is buying more than 5 times the amount of ETH than BTC.
Since early July, a visible shift in BlackRock's focus has been observed, with an increase in ETH inflow compared to the pioneering cryptocurrency. At that time, BlackRock's ETH holdings were valued at 156 million dollars, compared to 125 million dollars in BTC holdings.
It is worth noting that BlackRock's preference for Ethereum is reinforced by the recent application to include staking in its iShares Ethereum ETF. Reportedly, Nasdaq proposes to remove a clause that prohibits staking of assets in the ETF and instead add a new one that allows it.
Interestingly, BlackRock's purchase of Ethereum coincides with the growing trend of institutional accumulation of ETH. For example, public companies like Bitmine Technologies and SharpLink Gaming are increasingly acquiring ETH.
Moreover, whale activity has been on the rise, with large portfolios accumulating ETH. This trend is reflected in the growing number of inactive whales that are resurfacing.