Ethereum fell by 9%, but whales and institutions have aggressively bought in as the price dropped.
BlackRock currently holds 1.5 million ETH, indicating a long-term bullish outlook.
Ethereum (ETH) recorded negative developments on June 13, as the price plummeted by 9% causing liquidations worth $298 million for 80,000 traders.
Recent market developments of Ethereum
Despite widespread panic, professional investors are taking the opportunity to accumulate ETH around the price range below $2,500.
ETH price dropped sharply from $2,771 to a bottom of $2,443, before stabilizing near $2,509.
Global trade tensions are the main cause of the market sell-off; however, many potential bullish signals still exist.
Open Interest surged to $35.22 billion in just 24 hours; major exchanges like CME, Binance, Gate, and Bitget all recorded an average exposure of about $4 billion in ETH at this time.
This deep decline coincides with a slight recovery as the price of ETH returns to $2,538.66 at the time of the update, an increase of 0.37% according to CoinMarketCap.
Additionally, amid strong volatility, a large Ethereum whale has shown long-term confidence by opening a long position worth up to $16.6 million.
BlackRock intensifies its Ethereum purchases despite volatility
Despite the unclear market, BlackRock – the world's largest asset management fund, with a total cryptocurrency asset value of up to $73 billion – has been continuously buying ETH for over 2 weeks.
This move follows the announcement of an expanded influence in both the public and private markets by BlackRock, with plans to increase revenue from $20 billion (2023) to over $35 billion by 2030.
If successful, BlackRock will solidify its leading role in directing institutional capital in both traditional assets and cryptocurrencies.
The accumulation buying strategy of large institutions indicates a long-term investment vision, viewing the current price range as an opportunity rather than a risk.
Expert opinions
Commenting on this trend, Jeremy stated:
"BlackRock has been buying Ethereum every day for over two weeks now. They have accumulated ETH worth $570 million. Smart money is not stopping but is accelerating."
The wave of accumulation from institutions continues to raise expectations for Ethereum. According to Arkham Intelligence, BlackRock has held over 1.5 million ETH, worth about $3.83 billion, firmly establishing itself as the leading institutional investor in this market.
Not stopping there, SharpLink Gaming has also just purchased an additional 176,271 ETH, worth $463 million, making them the public company with the largest ETH holding currently.
Is ETH preparing for a new price surge?
ETH ETFs continue to report strong capital inflows until June, raising the question of whether Ethereum will enter a new growth cycle?
However, technical indicators such as RSI and MACD are currently below neutral – indicating that the downward trend is still present.
However, Lookonchain data records strong accumulation from ETH whales, a signal indicating that bullish momentum is forming.
Source: Lookonchain/X
In conclusion, data from IntoTheBlock confirms upcoming bullish signals, as more than 77% of ETH investors are currently profitable – a factor reinforcing holding confidence and driving the potential for price increases in the near future.
Source: IntoTheBlock
Source: https://tintucbitcoin.com/298-trieu-usd-eth-boc-hoi-blackrock-gom-manh/
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