- BlackRock tops Ethereum holdings
- Ethereum price outlook
Although the crypto market is down today, institutional interests in Ethereum appear unmoved.
While Ethereum has seen its price trade in the red zone for the most part of the day, BlackRock has displayed resilience with another major ETH buy activity, according to data from Arkham Intelligence Firm.
In an attempt to stack up on the second-largest cryptocurrency by market capitalization for lesser costs, BlackRock has purchased large amounts of Ethereum worth $314 million on August 26th.
BlackRock tops Ethereum holdings
While BlackRock’s iShares Ethereum ETF is renowned for leading the broad crypto ETF community in its steady accumulation of Bitcoin and Ethereum, the move comes as no surprise. However, the timing of the massive ETH buy from BlackRock has got the crypto community talking.
BlackRock’s ETH purchase comes at a time when the market is experiencing massive price downturns, with Ethereum falling as low as $4,316 on the same day. While the price downturn has seen investors exercise caution as sentiments turn bearish, BlackRock has seized the opportunity to accumulate the asset at a cheaper price.
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Although the move signals resilience among Ethereum’s large holders, commentators fear that BlackRock’s massive Ethereum bet at a time like this may cause the leading investment firm to lose its funds.
Ethereum price outlook
With Ethereum’s recent price rally being preceded by a notable price decline that has lasted for the past two days, investors have shown mixed sentiments on the asset’s price potential.
Amid speculations that ETH’s ongoing downturn is a healthy price correction that will possibly lead to a more sustainable rally in the price of the asset, some analysts have issued warnings that it might be a sign of an early bear phase.
Despite the division over Ethereum’s short-term trajectory, BlackRock has continued to double down on Ethereum during the price slumps. With BlackRock’s latest Ethereum purchase, there are hopes that the move could reinforce investor confidence. Thus, this could help fuel optimism among retail and institutional investors in Ethereum’s long-term price potential.
While Ethereum is trading at $4,515.67 as of press time, the asset is showing a price decline of 1.51% over the last 24 hours. With this slow price action, Ethereum has seen its price fall as low as $4,316 and surge as high as $4,595.88 on August 26th.
