LookOnchain revealed that BlackRock sold 182 Bitcoin worth $11.34 million. The analytics firm added that the hedge fund currently holds over 369,640 BTC.
They also highlighted that BlackRock bought 7,574 Ethereum and currently holds 414,168 Ethereum worth $1.01 billion.
LookOnchain announced that BlackRock sold Bitcoin worth $11.34 million and bought Ethereum worth $18.52 million. The blockchain analytics firm also stated that BlackRock holds 369,640 BTC, which is currently valued at over $23 Billion.
BlackRock sold $BTC and bought $ETH!
BlackRock sold 182 $BTC($11.34M) and currently holds 369,640 $BTC($23.02B).https://t.co/kqNUqHBiTn
BlackRock bought 7,574 $ETH($18.52M) and currently holds 414,168 $ETH($1.01B).https://t.co/sefS6WTlHz pic.twitter.com/ljZW1Nn1xc
— Lookonchain (@lookonchain) October 11, 2024
BlackRock buys significant amount of Ethereum and sells BTC
The Hedge fund’s recent purchase of ETH instead of Bitcoin fueled speculation within the crypto market. Market analysts suggested the purchase may indicate that investors are more bullish on Ethereum than Bitcoin.
The Bitcoin sale came weeks after BlackRock bought more BTC than any other crypto ETF issuer. Blackrock reportedly purchased BTC, equivalent to over $388 million, in four days.
Arkham intelligence suggested that the purchases were made for IBIT spot ETF. The crypto community expressed sentiments that the hedge fund’s purchases mirror BTC and ETH demand on the market.
Others believed that BlackRock, being a hedge fund, purchases cryptocurrencies based on customers’ requests. They added that this does not reflect the company’s bearish or bullish sentiments.
BlackRock’s head of digital assets, Robbie Mitchnick, highlighted that Bitcoin was not a risky gamble for them. He added that Bitcoin is a scarce, global, and decentralized asset with no country risk or traditional counterparty risk.
‘No single country or government controls Bitcoin and it’s scarce and decentralized.’
Robbie Michnick
In the report, the head of digital assets also revealed that many investors perceive BTC as digital gold that can hold value during financially harsh periods. However, Michnick pointed out that institutional investors share different sentiments on Ether as its infrastructure is a little less clear, unlike BTC
BTC and ETH values surge after the launch of spot ETFs
BlackRock expressed its views on BTC, adding that the cryptocurrency could be a safe haven in times of uncertainty. However, the hedge fund also admitted that digital currency poses some risks.
The U.S. Security Exchange Commission approved the listing of BlackRock’s BTC ETF earlier this year on NASDAQ. The hedge fund later introduced its spot ETH ETF and accumulated approximately $1 billion in assets under management in less than a month after its launch.
Consequently, BTC has experienced a 49% surge this year. ETH, on the other hand, experienced a 15% increase. The rise is reportedly due to investors’ newly found interest in cryptocurrencies as they diversify their portfolios.
CoinCodex analysis suggested that BTC will likely trend upward this month. The analytics firm predicted that the cryptocurrency could break the $85,000 mark by October 16, 2024.