BlackRock continues to buy more ETH than BTC.
The price of ETH inches closer to $4,000 and above price targets.
The price of ETH breakout out from its previous ATH could trigger altseason peak phase.
The crypto market seems to be on the verge of a massive breakout that could not only send Bitcoin (BTC) to higher ATH targets, but one that could send the pioneer altcoin Ethereum (ETH) to new ATHs as well. This move could trigger the long-awaited altseason’s arrival. Presently, institutions like BlackRock continue to buy more ETH than BTC, as the price of ETH inches closer to $4,000 and above targets.
BlackRock Continues to Buy More ETH Than BTC
Last bull cycle, financial institutions and visionaries like the President of El Salvador, who made BTC a legal tender, and Michael Saylor, CEO of Strategy, then known as MicroStrategy, both began to accumulate the pioneer cryptocurrency Bitcoin (BTC), in a heavy accumulation strategy. They inspired many other entities to do the same and to start heavily buying and holding Bitcoin (BTC).
While this BTC accumulation race only continuted to expand and include more players this bull cycle, the only difference is that some entities have started to heavily buy and hold ETH. In fact, ETH whales and reputed financial institutions like BlackRock have begun to hold large amounts of the pioneer altcoins ETH. BlackRock, the largest asset manager in the world seems to believe than ETH has more to offer.
https://twitter.com/arkham/status/1946138785604932088
To highlight, BlackRock began to accumulate ETH to provide ETH ETF options, a decision that did very well for the entity. Ever since then, they have been accumulating more and more ETH. This accumulation was further boosted throughout the bull cycle as ETH bottomed and even now as ETH continues to pump. So far, BlackRock seems to be accumulating more ETH than BTC and is pushing for ETH ETF Staking approval, even as ETH nears its previous ATH prices.
As we can see from the post above, Arkham data shows that BlackRock is confirmed to be buying more ETH than BTC. In detail, the post says that BlackRock’s purchase of over half a billion dollars of ETH worth $547 million exceeded its Bitcoin inflow of $497 million in value by about $50 million. Weighted by market cap, BlackRock is buying over 5 times the amount of ETH compared to BTC.
The Price of ETH Inches Closer to $4,000 Targets
https://twitter.com/Washigorira/status/1946287171184234731
These moves bode very well for the predictions of ETH price hitting cycle top prices between $15,000 and $20,000 this bull cycle. For now, analysts expect the price of ETH to just reclaim its previous ATH target at the $4,800 price range. According to the analyst in the post above, a $4,000 ETH price is loading. The analyst concludes that if ETH closes above the cloud this week & the lagging span clears the Tenkan, then the $4,000 target could come fast.
