BlackRock, the world's largest asset manager, is ramping up its Ethereum accumulation, now valued at over $11.4 billion. Institutional interest continues to rise.
BlackRock's Surge and Growth in Holdings
According to a recent post by Nate Geraci, BlackRock accumulated an additional 1,000,000 ETH since July 12, totaling approximately $3.8 billion. This marks a notable growth of about 50% in just 18 days.
Control Over Ethereum Supply
Currently, the iShares Ethereum ETF controls about 2.5% of the total Ethereum circulating supply, which stands at approximately 121 million ETH. Investors are closely watching to see how much more BlackRock is willing to absorb.
Ethereum Prospects and Institutional Interest
Despite recent market downturns, interest in Ethereum is on the rise. The cryptocurrency surged over 52% in July, reaching $3,800.94. Market participants remain hopeful for further gains and the potential for a new all-time high.
BlackRock's ongoing accumulation highlights strong institutional interest in Ethereum, revealing the cryptocurrency's prospects despite market fluctuations.
