#BlackRockETHPurchase: Major Asset Manager Bets Big on Ethereum ₿ with Millions in $ Investment
This week, the hashtag #BlackRockETHPurchase is dominating crypto chatter—and for good reason. BlackRock, the world’s largest asset manager, is actively selling Bitcoin ($) and reallocating its funds into Ethereum (₿). Here's the breakdown:
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🧾 Key Moves by BlackRock
$50 million in ₿itcoin’s peer, Ethereum
According to Arkham Intelligence, BlackRock purchased roughly 9,000–58,000 ETH, totaling around $50 million in one day .
Swap from ₿ to ₿
Data from CoinGape and others show a shift: BlackRock offloaded $561 million worth of Bitcoin and reinvested about $69 million into Ethereum .
Massive accumulation—$560 million spent on ETH
On‑chain tracker Lookonchain reports that over 214,000 ETH, valued at approximately $560 million, have been purchased in just one week .
Earlier buys included
Up to 100,535 ETH (~$276 million) in February for its prospective Eth-based ETF , plus another $20–$50 million in earlier spot purchases .
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🔍 What This Tells Us
1. Institutional confidence in ₿itcoin’s rival
BlackRock clearly sees Ethereum not merely as a token, but as a strategic asset for institutional portfolios.
2. ETFs in motion?
With pending filings for spot Ethereum ETFs, these purchases signal preparatory moves to support future product demand.
3. Bitcoin’s legacy under scrutiny
By selling $561 million in BTC and redirecting it to ETH, BlackRock may be aligning with digital finance’s more programmable future—reinforcing Ethereum’s appeal for DeFi, NFTs, and staking.
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📈 Market Impact: How Prices React
Ethereum price movement
On the day BlackRock’s initial $50 million buy hit, ETH surged ~10%, and other reports note 2–4% lifts on additional buys .
Bitcoin dips slightly
While BTC pulled back from the $70 K range, the sell-off appeared more strategic (reallocation) than panic-driven.
