BlackRock and Fidelity bought 57,700 Ethereum worth $148.5 million.
These institutions have been steadily accumulating ETH.
Analysts expect ETH to pump and hit much higher ATHs soon.
The price of BTC is gaining closer to its ATH price set at $111,970 at the start of Q2, leading analysts to believe that new ATHs are imminent for the pioneer crypto asset, especially since Q2 closed in the highest green close yet, and that Q3 has already begun in strong pump signals. Amidst the BTC hype, BlackRock and Fidelity bought 57,700 Ethereum worth $148,500,000, leading to rising ETH ATH expectations.
BlackRock and Fidelity Bought 57,500 ETH Worth $148,5 Million
It is no secret that this bull cycle brought in more institutional buying than ever before. Last bull cycle, when El Salvador made BTC a legal tender, they unintentionally began a race for BTC accumulation. By default, several governments held BTC that was confiscated from many due to regulatory uncertainty. But while many countries began to sell, others followed El Salvador’s lead and continued to hold or accumulate.
Soon after, El Salvador set a precedent, and the first big financial entity that was inspired by their move and began to heavily accumulate BTC was Michael Saylor’s Strategy, then known as MicroStrategy. Since then, the two have held a steady lead in the BTC accumulation race, a race that this bull cycle welcomed several globally reputed and recognized financial entities, even the largest in the industry.
https://twitter.com/Ashcryptoreal/status/1941025155654074572
To specify, BlackRock, and several others like VanEck and Fidelity all began to accumulate BTC at unprecedented levels, and still continue to accumulate alongside El Salvador and Strategy. What’s different between them is that while El Salvador and Strategy only accumulate BTC, entities like BlackRock and Fidelity are accumulating Ethereum (ETH), the pioneer altcoin asset, as well.
Bullish Pump Lies Ahead for ETH
No doubt, financial institutions say high success rates in their Spot ETF offerings for both BTC and ETH and will certainly continue to accumulate both. However, they also recognizes that while BTC will continue to pump, the probability of a BTC pump may be much lower compared to an ETH pump. This aligns with cycle top price pump expectations for both crypto assets.
https://twitter.com/DrProfitCrypto/status/1886349732932386861
For instance, expectations for BTC to hit a cycle top price lie between $250,00 and $350,000 while expectations for ETH to hit a cycle top price lie between $10,000 and $12,000. Indeed, the profits reaped by holding the two assets could differ greatly based on how the pioneer assets will go on to perform. As the post above suggests, a huge parabolic move lies ahead for the price of ETH.
