The cryptocurrency market is once again experiencing a surge in activity from institutional investors, with Ethereum (ETH) taking center stage. On June 5, the investment giant BlackRock significantly increased its Ethereum holdings by purchasing the cryptocurrency for $34.7 million.
The transaction was conducted through the iShares Ethereum Trust and added 27,846 ETH to the company's portfolio, bringing its total assets in Ethereum to approximately 1.49 million ETH, which is valued at around $3.93 billion, according to The Coin Republic.
Key Takeaways
- BlackRock purchased Ethereum for $34.7 million, increasing its assets in ETH to $3.93 billion.
- This marks the 12th consecutive day of inflows into ETH from BlackRock.
- The upgrade of Pectra's rating and ongoing institutional purchases enhance the growth potential of ETH, despite market skepticism.
Price Dynamics and Long-term Confidence in ETH
This purchase represents the 12th consecutive day of inflows into Ethereum from BlackRock, indicating strong confidence among institutional investors in the long-term potential of the digital asset.
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