The largest asset manager in the world is buying the Ethereum dip to custody funds for its ETH-based exchange-traded fund (ETF).
According to BlackRock’s data, the firm picked up 100,535 ETH – worth about $276.2 million at time of writing – for its iShares ETHA product.
BlackRock holds a total of 1,352,934 ETH worth roughly $3.71 billion, and the financial giant’s total assets under management were reported to be around $11.5 trillion in October of last year.
And according to on-chain data, the President of the United States’ crypto project World Liberty Financial (WLFI) is also accumulating Ethereum, with blockchain “de-anonymizing” platform Arkham reporting that WLFI also purchased over $307 million worth of ETH and Wrapped Bitcoin (wBTC) and sent it to Coinbase Prime for management purposes.
In a recent strategy session, crypto trader Michaël van de Poppe told his 768,800 followers on the social media platform X that Bitcoin (BTC) and Ethereum (ETH) could hit massive new all-time highs if the current bull market extends beyond what many are predicting.
The analyst gave a price target of $20,000 for ETH.
“I think that there’s a significant chance that this cycle will be longer and go higher than everybody expects. We’ve had the longest bear market on altcoins. Why not have the longest, final bull market on them? Bitcoin to $500,000 and Ethereum to $20,000. Sign me up.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
