According to Arkham Intelligence, BlackRock has sold Bitcoin (BTC) and increased its holdings in Ethereum (ETH). This move may be because the world's largest asset management company anticipates further market volatility. In the past few weeks, the price of BTC has experienced a slight pullback, while ETH seems to be rising slightly.
On May 22, the price of Bitcoin reached an all-time high of $111,814. The rise in Bitcoin triggered an overall market rebound. As Bitcoin's price soared, the inflow of funds into many crypto assets also increased. This rebound is very likely due to a surge in institutional investment. In May alone, BlackRock purchased over $3 billion worth of Bitcoin.
The change rate of BTC in the past 24 hours is 0%. The asset has dropped by 3.2% in the past week and decreased by 1% on the 14-day chart. Despite the downward trend, the original cryptocurrency has still risen by 11.9% on the monthly chart, up 52.7% since June 2024.
Ethereum (ETH) currently seems to be performing better than BTC. The second-largest cryptocurrency by market capitalization, ETH, has increased by 0.9% on the daily chart, 4.1% on the 14-day chart, and has risen by 45.8% month-over-month. The price of ETH continues to maintain an upward momentum on the weekly and annual charts, decreasing by 0.8% and 30.1% respectively.
At the beginning of May, after the Pectra upgrade was launched, the price of ETH began to rise. This upgrade may have triggered a surge in investor confidence. The ETH daily chart recorded double-digit percentage gains at one point. BlackRock may anticipate that the price of ETH will rise in the coming weeks.
Also read: BlackRock believes market uncertainty will lead to a surge in Bitcoin demand.
BlackRock's acquisition may also stem from increased customer demand. The SEC approved the spot ETH ETF last year, which does not have the same effect as the approval of the BTC ETF. After the SEC approved the ETF, Bitcoin (BTC) hit multiple all-time highs. However, ETH has struggled to break through the $3,000 barrier.