From July 22 to 28, the world’s leading asset management firm, BlackRock, demonstrated a particular interest in Ethereum through substantial investments, totaling over $1.2 billion in ETH. This amount significantly surpasses the $267 million invested in Bitcoin during the same period.
According to on-chain data, BlackRock executed several large transactions transferring funds from Coinbase Prime to various wallets. Notably, one transaction involved 177,500 ETH, valued at over $655 million.
Analysts suggest that this scale of investment not only reflects BlackRock’s investment strategy but also strengthens the argument that Ethereum is becoming a preferred choice among large financial institutions.
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As of now, Ethereum is trading around $3,800, marking a 3.14% increase compared to the previous week. In contrast, Bitcoin is fluctuating around $118,000, experiencing a slight decline of 0.11% during the same timeframe.
While Bitcoin has long been regarded as the leading store of value in the cryptocurrency space, the demand for Ethereum, based on its practical applications, is increasingly capturing the attention of large investment funds. Asset managers are seeking diversification within their cryptocurrency portfolios.
BlackRock’s robust buying activity not only reflects confidence in Ethereum’s growth potential but also affirms the narrative of the coin’s development. Transitioning from a mere alternative to Bitcoin, Ethereum is gradually establishing itself as a core holding in the cryptocurrency investment strategies of institutions.
