Just a day after the world’s largest asset manager, BlackRock, stunned the crypto community with a massive Ethereum sell-off attempt involving 8,172 ETH, the investment firm is back at it again with a new ETH buy, according to the latest update from data analytics platform Lookonchain.
According to the data provider, BlackRock withdrew a total of 11,185 ETH from Coinbase Prime in less than an hour. The purchase, which happened in two separate transactions, was worth about $27.2M per ETH’s price at the time of purchase.
The first-ever sell-off since BlackRock embarked on its deliberate decision to continuously acquire ETH tokens happened yesterday when ETH price fell harder, dropping far below the crucial support level of $2,500.
Meanwhile, the firm made another ETH deposit to Coinbase Prime about five hours prior to the latest ETH buy. The second sell-off attempt involved over 10,500 ETH worth a total of $24.15 million.
This saw BlackRock breaking its 30 consecutive days of ETH acquisition with two massive sell-offs, which has triggered debates among market participants about whether the firm was only responding to the market volatility or selling off its holdings.
Although the reason behind the deposits was not disclosed, the general narrative behind the transfer of large assets like this to an exchange suggests a move to sell by the holder.
While the token had resumed a sharp resurgence a few hours after this shocking move, there were speculations that the Ethereum deposits made by BlackRock earlier could be the firm’s attempt to rebalance its portfolio.
Nonetheless, activities from the investment firm often had an impact on ETH’s price movement due to the large volume they own.
BlackRock’s decision to resume its ETH accumulation strategy signals growing interest among institutional investors in Ethereum as an asset that offers quality investment opportunities and stands beyond just a store of value.
Nonetheless, BlackRock’s $27.2 million Ethereum purchase coincides with a massive surge in Ethereum’s price since the last day.
As of press time, Ethereum was trading at $2,433.33, representing a 5.54% increase in its price in the last 24 hours.
This significant surge in Ethereum’s price signals renewed confidence among retail and institutional investors.
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