BlackRock's shocking move! Selling Bitcoin and buying Ethereum, the market direction suddenly changed!
According to the latest disclosure of LookOnchain, the world-renowned hedge fund BlackRock has recently made some moves and sold 182 Bitcoins, worth about $11.34 million. However, the analysis company also pointed out that despite the partial reduction, BlackRock currently holds more than 369,640 Bitcoins, with a total value of more than $23 billion, and is very strong.
What is more remarkable is that BlackRock actively increased its holdings of Ethereum while reducing its holdings of Bitcoin. It is reported that the fund purchased 7,574 Ethereums and currently holds a total of 414,168 Ethereums, worth about $1.01 billion. With this buy and sell action, BlackRock invested a total of about $18.52 million in Ethereum.
"BlackRock Bitcoin for Ethereum" has become the focus of the market
BlackRock's operation quickly attracted widespread attention in the cryptocurrency market. Market analysts believe that this move may imply that investors prefer the latter between Bitcoin and Ethereum. After all, just a few weeks ago, BlackRock was a big buyer of Bitcoin, spending $388 million in four days to buy Bitcoin, becoming the issuer of the crypto ETF that bought the most Bitcoin at the time.
However, there are also voices saying that BlackRock's purchases may be more based on customer needs rather than its own bullish or bearish view of a certain cryptocurrency. Arkham Intelligence pointed out that BlackRock's previous Bitcoin purchases were mainly for its IBIT spot ETF.
Robbie Mitchnick, head of digital assets at BlackRock, emphasized that Bitcoin is not an adventure for them, but a scarce, global, decentralized asset without national risk or traditional counterparty risk. He mentioned: "Bitcoin is not controlled by any country or government, and it is scarce and decentralized." However, for Ethereum, institutional investors have a different view, believing that its infrastructure is still unclear.
Spot ETFs drive the value of BTC and ETH to soar
It is worth noting that since BlackRock launched the BTC ETF and listed it on the Nasdaq, and subsequently launched the spot ETH ETF, the value of both cryptocurrencies has increased significantly. Among them, BTC has increased by 49% this year, while ETH has also increased by 15%.
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